As Australia prepares for its new Open Banking standards and the Consumer Data Right, Priviti, the global fintech company, is helping banks get ready to comply with new legislation and empower consumers with greater control over how their personal data is shared.
Its extensive experience with global data protection laws such as PSD2 and GDPR means Priviti has seen the paradigm shift in the way financial organisations and individuals view their data, and how their systems need to change, explains Dermot McCann, Priviti’s Head of APAC. “Every day a bank is potentially engaging in new activities that could impair their compliance, particularly now in this new era of Australian Open Banking. I am delighted to launch Priviti into Australia as a means to obtain and maintain an inventory of granular consents, that gives an organisation the tools and ability to innovate that can both keep the customer at the heart of its innovation and the regulatory teams happy - no mean feat,” says Mr McCann.
The Open Banking legislation requires Australia’s major banks to make data available on credit and debit card, deposit and transaction accounts available by 1 July 2019 and mortgages by 1 February 2020. In addition, the legislated Consumer Data Right will give Australians greater control over their data and enable them to choose to share their data with trusted recipients for purposes they have authorised.
Some of the world’s largest financial institutions are implementing Priviti’s patented technology to give customers enhanced control over how their data is shared and to comply with open banking initiatives and data protection laws. Priviti’s solution enables companies to systemise and manage granular consent for data sharing securely in real time. Banks can obtain, verify and match consent between multiple parties, transaction by transaction, with audit trails for compliance, dispute resolution and analytics. It enables banks to implement a structured consent management policy for data sharing.
Based at the fintech and innovation hub Stone & Chalk, the Sydney office will be led by Dermot McCann, Priviti’s Head of APAC and Chair of the Australian Information Industry Association’s Financial Services Group.
Alex Scandurra, CEO of Stone & Chalk, comments: “We are so thrilled to welcome Priviti to Stone & Chalk and look forward to seeing them work with banks to embrace the challenges of data sharing. As Australia ushers in a new era of Open Banking, fintech startups in our space like Priviti will be leading the way in securely sharing data.”
Priviti is supported in their entry into Australia by Enterprise Ireland, the Irish government organisation responsible for the growth of Irish enterprises globally and the second most active fintech investor in the world.
Hannah Fraser, Senior Market Advisor Software & Services for Enterprise Ireland A/NZ, adds: “The proven track record of Irish fintechs in marrying innovation, big data capture and compliance in a very strict European markets with complex legislation will be very helpful to financial organisations here as we head into a new state of transparency and protection. We help match Australian businesses to Irish innovators to help navigate this new world through the irishadvantage.com.au”