Open Banking in Australia

Look beyond compliance. Free up your time to focus on monetising the open banking opportunity.

Overview

Already a feature of the European banking landscape, open banking is set to change the course of the Australian banking industry as we know it. The recent announcement of compliance deadlines for Australia's four largest banks has marked the beginning of the transition, and it's time for all banks to get on board or risk being left behind for good. 

What does open banking mean for the industry as a whole, how can it be monetised and what tools are available to help with the process?

FinKit™ by Fiserv

FinKit™ for Open Banking is a platform-based solution which provides a fully-managed service for the initial and ongoing delivery of open banking compliance. Our solution will be localised to comply with the Australian Open Banking regime shortly after it is published. The platform is built for automation, scale and change, enabling you to stay compliant with the forthcoming open banking legislation in Australia. Seamlessly integrated into your existing environment, the platform will enable you to implement and manage regulatory change continuously, at the lowest possible cost and with the lowest possible impact on the organisation.

In turn, this will free you up to allow you to maximise the open banking opportunity and focus on strategies to monetise it. You can generate valuable services for your customers when you build, run and iterate your services on the scalable, enterprise-grade FinKit platform transitioning open banking regulations from a compliance cost to a revenue opportunity.

Features

  • Access to pre-built APIs / business services and third-party provider (TPP) support channels
  • Ongoing updates to the APIs / business services for open banking 
  • Full version control and management
  • Open banking sandbox to onboard and enable banks or third parties to develop, debug, test and maintain their services
  • The full operating model to run, monitor and support all APIs / business services and TPPs
  • Operating integration with legacy identity provider (IDP) and management of consumer consent 

Resources

Access our content to learn more about what your peers are saying. Download the open banking roundtable transcript between key industry players from NAB, Westpac and AMP Bank as they discuss their views with the CEO of Australian Banking & Finance, the Research Director of RFi Group, as well as subject matter experts from Fiserv. 

Resource Hub

Read about what your peers are saying about open banking. Access the roundtable transcript now. 

 

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If any of this resonates with you, we would be delighted to speak to you at your convenience. 

 

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