Ultradata Australia has announced today that it has completed the implementation of Ultracs Open Banking at 27 mutual financial institutions.
Ultradata Australia recently met the November 1 2021 ‘go live’ target for 27 clients to enable Open Banking consumer data sharing requirements, with the Ultracs Open Banking solution. This equates to close to 50% of the 62 Open Banking - Consumer Data Right (CDR) live sites in Australia , making Ultradata Australia the largest provider of CDR data holders in Australia.
The Ultracs Open Banking solution was designed by Ultradata Australia to allow clients to meet CDR Open Banking obligations introduced by the Australian Government to stimulate healthy competition between providers.
The new regulations required all Australian mutual finance institutions to begin sharing their product information in 2020, and was followed by a second major phase of CDR requirements for consumers to share their banking data, with consent, in 2021.
Consumers can share banking data, such as transactions and account details, with an accredited financial institution of their choosing, or a CDR accredited finance-related app or website.
“The introduction of Open Banking has been one of the most significant regulatory changes our industry has faced. Ultradata has extensive experience in helping our clients address large scale industry initiatives and we were absolutely committed to rolling out our Ultracs Open Banking solution. With close collaboration of our clients, we have navigated complex project requirements to deliver a comprehensive solution to help them navigate the change and thrive in the new Open Banking landscape.
“Ultracs Open Banking has the right solutions conveniently available and working seamlessly together to help financial institutions explore new possibilities for attracting customers, while meeting the regulatory requirements,” said Peter Henshaw, CEO, Ultradata Australia.
Ultracs Open Banking integrates seamlessly with the Ultracs banking ecosystem, including core processing, internet and app solutions, to provide a flexible, and secure system for financial institutions to share product and consumer information in line with their own business approaches.
The large project involved modifications to the Ultracs core banking system, developing multiple new front end services for clients, such as data sharing dashboards in banking channels, and collaborating with clients and third parties in a robust testing regime to help clients meet their obligations as data holders, over a period of three years.
“Everyone has worked together in a great show of team work and we want to thank our clients. We look forward to seeing them explore their possibilities in this new Open Banking era,” said Peter Henshaw, CEO, Ultradata Australia.
While the two major phases of Open Banking, to share product and consumer data, are now active, CDR requirements continue to progress.
Ultradata is on target for additional requirements to enable consumers to share more of their banking data, currently set by Australia’s ACCC for a February, 2022 deadline.
1. Consumer Data Right / Current Providers - https://www.cdr.gov.au/find-a-provider