Story image

AU & UK partnership creates secure open banking data system

12 Feb 2018

Australians will soon be able to gain access to a ‘personal and reusable’ copy of their bank account data and 'share' it to receive personal offers and services.

A partnership between SISS Data Services (SDS) and UK tech platform digi.me will combine bank-compliant and secure data feeds with a personal data platform.

Australians will be able to download their transactions into a ‘secure cloud library’ that they own and access. They can then consent to sharing their data under digi.me’s bespoke consent access process.

“The ability to reuse your own banking data in financial and other applications and to do so with your consent with complete privacy, allows transformational services to be provided to you,” comments Digi.me founder Julian Ranger.

“All of this is now enabled by our partnership with SDS who can open pathways to over 80 per cent of Australian banking data with the highest standards of trust.”

Ranger is currently on the Lord Mayor’s FinTech Trade Mission to Australia.

According to the partners, the deal will boost FinTech innovation in Australia. Because the country has not really adopted open banking principles, it is being held back.

Some companies have resorted to insecure data scraping to access customer data or new services, the partners believe.

They also say bank-compliant data that can be downloaded directly by individuals cuts out this problem entirely, as businesses can go direct to them to request it, and receive a complete, normalised, private and secure financial data feed from the individual using digi.me’s local API.

“This will be a huge boost to innovation in Australia, which can also be exported worldwide, which means everyone from the consumer, businesses, the economy overall as well as society and the Government wins and will benefit,” Ranger continues.

SDS CEO Grant Augustin says that Ranger has been involved in US military internet operability. This experience helped to launch the project.

“Confirming key functionality around chain of custody, data taxonomy and the highest security criteria was paramount to working with the digi.me platform,” Augustin says.

“Digi.me’s unique architecture where the data is held by the individual, and digi.me does not see, touch or hold data ever, and its security design coupled with our API technology, exudes a best practice approach towards Open Banking that meets the highest standards required for transiting consumer data,” Augustin concludes.

The deal was brokered by ID Exchange, an A/NZ partner that develops social privacy innovation solutions.

Why SD-WAN is key for expanding businesses - SonicWall
One cost every organisation cannot compromise on is reliable and quick internet connection.
New threat rears its head in new malware report
Check Point’s researchers view Speakup as a significant threat, as it can be used to download and spread any malware.
Oracle updates enterprise blockchain platform
Oracle’s enterprise blockchain has been updated to include more capabilities to enhance development, integration, and deployment of customers’ new blockchain applications.
Used device market held back by lack of data security regulations
Mobile device users are sceptical about trading in their old device because they are concerned that data on those devices may be accessed or compromised after they hand it over.
Gartner names ExtraHop leader in network performance monitoring
ExtraHop provides enterprise cyber analytics that deliver security and performance from the inside out.
Symantec acquires zero trust innovator Luminate Security
Luminate’s Secure Access Cloud is supposedly natively constructed for a cloud-oriented, perimeter-less world.
Palo Alto releases new, feature-rich firewall
Palo Alto is calling it the ‘fastest-ever next-generation firewall’ with integrated cloud-based DNS Security service to stop attacks.
The right to be forgotten online could soon be forgotten
Despite bolstering free speech and access to information, the internet can be a double-edged sword, because that access to information goes both ways.