Sydney, Australia – 1 December, 2023 – Grant Augustin, Founder and Managing Director of SISS Data Services, weighs in on a significant milestone in the evolution of Open Banking in Australia, now accessible to businesses through the Consumer Data Right’s new ‘business disclosure’ revision.
“Today marks the day that Open Banking finally goes large in Australia,” said Augustin. “From today, businesses have the freedom to securely share their bank data with third parties, enabled by the Consumer Data Right’s new ‘business disclosure’ provisions.”
The expansion of Open Banking in Australia, now extends its benefits for the business sector. This enhancement allows businesses to integrate their banking data with a broad range of financial tools such as ERP and accounting software, facilitated by a Network of Accredited Data Recipients.
This leap in Open Banking capabilities is set to transform how businesses make financial decisions. Access to a wider array of data promises more informed and strategic decision-making. Additionally, the move addresses critical security concerns, significantly reducing the reliance on insecure practices like password sharing and screen-scraping software.
“ACSISS has always been at the forefront of providing secure, quality financial data feeds. Now, with Open Banking’s expansion, we’re excited to offer businesses access to a broader range of banking data, empowering them to make more informed decisions,” added Augustin.
This new phase of Open Banking is expected to revolutionise business decision-making processes, providing access to comprehensive data while addressing critical security issues that have long plagued the financial sector.
“Today marks a coming of age for open banking in Australia, and with it, a great step forwards for Australian businesses.” concluded Augustin.
About Open Banking in Australia
Open Banking, part of the Australian Consumer Data Right (CDR), enables consumers and businesses to securely share financial data with accredited third parties. This initiative, regulated by federal legislation and overseen by organisations like the ACCC, fosters competition and innovation in the financial sector. It emphasises consumer control and consent in data sharing, evolving through various phases to expand financial service offerings and enhance consumer experiences.
ACSISS is provided by SISS Data Services, Australia’s leading independent provider of secure banking and financial data services. With over a decade of experience, SISS has earned the trust of financial institutions, software platforms, and more than half a million Australians to securely, accurately and reliably share their financial transaction data.
Accredited in both Open Banking and Closed Banking networks, SISS Data Services offers comprehensive bank data feeds compatible with various accounting software and financial platforms.
For more information visit acsiss.com.au