Ultradata Australia has announced today that it has successfully completed the implementation of Ultracs Open Banking at 37 mutual financial institutions, allowing them to meet the October 1 2020 regulation deadline.
The Ultracs Open Banking solution was designed by Ultradata Australia to allow clients to meet the first phase of the Consumer Data Right (CDR) Open Banking obligations introduced by the Australian Government to stimulate healthy competition between providers.
As the first step of these new regulations, all Australian mutual finance institutions were required to begin sharing their product information as of October 1, 2020.
Ultradata Australia successfully met the ‘go live’ target for 37 clients to join in a new era of Open Banking, with their Ultracs Open Banking solution - equating to approximately 30% of 121 Authorised Deposit-taking Institutions (ADIs) in Australia.1
“Helping such a large number of clients meet their Open Banking obligations has been a big project and focus for Ultradata this year. Ultradata has significant experience in delivering many other large scale industry initiatives, and this helped us rollout the solution seamlessly, and on time.
“The Open Banking project has involved close collaboration with members of our client community, right from its early stages of development, and we thank all our clients for their involvement,” said Peter Henshaw, CEO, Ultradata Australia.
Ultracs Open Banking integrates seamlessly with the Ultracs banking ecosystem, including core processing, internet and app solutions, and will help financial institutions continue to thrive with a flexible, and secure, system.
“Our aim in our product development strategy is to always create an outcome that allows clients to manage their information and their customers in their own way, in line with their own business approaches.
“The Ultracs Open Banking solution does this, whilst meeting industry regulations, and allows clients to share their product data appropriately,” said Peter Henshaw, CEO Ultradata Australia.
Ultradata is continuing to work on the next phase of the CDR requirements which involve, with the consent of consumers, sharing consumer related data between financial institutions.
The Australian Open Banking rollout will continue into mid-2021. Ultradata is on target for the second phase of requirements, currently set by Australia’s ACCC for a July, 2021 deadline.
1. List of Authorised Deposit-taking Institutions covered under the Financial Claims Scheme study