Member-owned financial institution, Police Bank, has selected SISS Data Services
(SDS) as their partner to enable compliance with the first phase of Consumer Data
Right (CDR).
SDS will help Police Bank participate in open banking by sharing information about
their products such as features, interest rates and fees to help consumers to make
better-informed decisions about financial products and services.
The subscription-based Open Banking Platform created by SDS enables banks to
comply quickly with CDR without compromising on security and without the time and
expense of building their own solution.
“We’re thrilled that Police Bank has chosen our Open Banking Platform. With most
deployments completed in under a day, this platform is a fast and efficient way to
share product reference data ahead of the October deadline”, said SDS Chief
Executive Grant Augustin.
“We understand the pressure banks are under now, and by drawing on over 10
years of experience, we are able to offer a simple and secure solution to help banks
efficiently move forward into open banking.”
Police Bank Executive GM Technology Paul Klauzner said: “We are always striving
to add value to our members, and the SDS Open Banking Platform not only supports
our members, but also the wider community to make sound financial decisions. SDS
has a great track record of securely handling bank data, and this fully supported
platform enables us to reduce the upfront and ongoing costs, while effectively
meeting our CDR requirements.”
“Open banking promises better outcomes for consumers through greater access to
data,” said Grant Augustin. “It will also enable financial institutions to gain greater insights into the needs and wants of consumers. We are excited to leverage our considerable experience to be a key enabler of open banking in Australia.”