FinSS Global to introduce in Australia the CDR Compliance solution powered by Salt Edge

Australia is at the forefront of giving consumers greater control over their data via Customer Data Right (CDR). With phase two of the regulatory adoption quickly approaching, Australian data holders are welcoming a new CDR Compliance solution on the market. The technology solutions expert FinSS Global joined forces with Salt Edge, a leader in developing open banking compliance products, to enable local data holders to meet all the strict CDR requirements within less than 2 months. 

As the Australian Government is committed to enforcing the regulatory adoption by the market, with the financial sector being the first one, institutions are now racing to become CDR compliant in 2021. That’s why FinSS Global and Salt Edge are aiming to help banks, credit unions, building societies, EMIs, neobanks, and other financial institutions follow strict regulations while protecting customers’ data and privacy under open banking. 

The CDR Compliance solution has a holistic approach and is made up of components and configuration items such as an API for sharing consumer data together with a sandbox for ADRs’ testing, a Consent Management API to assure end-customers’ full visibility and control over their granted contents, a dashboard for the data holder to have full control and access to insightful statistics, an ADR Developer Portal for seamless integration and interaction with bank’s channel, a Multi-factor authentication solution for end-customers’ security, ADR verification, and much more.

The solution is based on a SaaS model which makes it easily deployable and also reduces the amount of technical implication and skills required from data holders. Salt Edge handles all the maintenance, regular updates according to new changes in the CDS requirements, and even assists with passing the Conformance Test Suite (CTS). 

Open banking represents just the first phase of Australia’s strategy in making the sharing of any kind of customer data easier. That’s why the CDR Compliance solution is flexible and can be tailored so that it fits any industry or business case requirements including the addition of payment initiation possibilities.

We partnered with Salt Edge in 2020 because we believed their experience with PSD2 in the UK and Europe and some of their solutions could be of significant benefit to the smaller Australia Financial Institutions looking for help in their CDR Compliance journey and participation in the emerging CDR Ecosystem. This resulted in us working closely with Salt Edge to adapt their SaaS-based PSD2 “Compliance in a Box” solution for the small to medium banking domain in Australia and our launch of the CDR Compliance Solution. We are excited to be working with Salt Edge and reach our target market, and we look forward to leveraging a functional, secure, cost-effective, hosted solution to rapidly have data holders join the CDR Ecosystem.

Dallas Newton, CEO and Co-Founder at FinSS Global

While helping out businesses across the globe to set their strategy in leveraging open banking, we understood that all of it might often seem like a regulatory and technological burden for institutions. That’s why together with FinSS Global, we’re committed to guiding Australian financial institutions towards a seamless CDR compliance journey.

Lisa Gutu, Head of Business at Salt Edge

About Salt Edge

Salt Edge – a financial API platform with PSD2 and open banking solutions. The company has two main vectors of activity: enabling third parties to get access to bank channels via a unified gateway, and developing the technology necessary for banks to become compliant with the directive’s requirements. ISO 27001 certified and AISP licensed under PSD2, the company employs the highest international security measures to ensure stable and reliable connections between financial institutions and their customers. The company is integrated with 5000+ financial institutions in 50+ countries.

More information: www.saltedge.com
Phone number: +1-437-886-3969
Email: press@saltedge.com

About FinSS Global

Fintech Solutions and Services (Global) Pty Ltd (FinSS Global) was established in Melbourne, Australia in 2019 as an organisation focused on Compliance, Debt & Risk Management, Banking Solutions, including Open Banking (CDR) Use Case Enablement, and Digital Transformation. Our target market is the small to medium Australian Authorised Deposit-taking Institutions (ADIs), Lenders/Credit Providers, Neobanks, and emerging Fintechs. We offer our own leading-edge (digital) solutions and expertise, as well as solutions and capabilities from key like-minded Strategic Partners, to cost-effectively meet the needs of our target market.

More information: www.finssglobal.com
Phone number: +61 3 9005 1030
Email: info@finssglobal.com

Salt Edge report

Discover what is the current state of open banking payments in Europe in 2021

Download now

Related articles

3 min read Mar 2021

Salt Edge joins openFinance Advisory Group & Board powered by Berlin Group

Being a pioneer in developing open banking solutions, Salt Edge’s main goal is making headway toward open banking expansion and accessibility. That’s why joining the Berlin Group’s openFinance Advisory Group & Board was a natural step. The consultative panel was established by The Berlin Group – a pan-European initiative aiming…

3 min read Jul 2020

Irish firm teams up with Salt Edge to simplify mortgage process

Irish fintech firm OnlineApplication works with Salt Edge, a leader in developing open banking solutions, to help the entire mortgage market ease and shorten the traditionally cumbersome mortgage application process to minutes. Salt Edge’s data aggregation solution enables OnlineApplication deliver instant banking information within a mortgage application to include a…

4 min read May 2020

Salt Edge helps Simplifi in accelerating their accounting services via open banking

Simplifi-HQ, an online accounting service provider from New Zealand has chosen Salt Edge, a leader in offering open banking solutions, to speed-up and digitise its software package by accessing financial data of their clients directly from the bank. Simplifi-HQ is an advanced cloud accounting software that covers accountancy, tax, invoicing,…

3 min read May 2020

HyperJar to achieve full PSD2 compliance with Salt Edge

Salt Edge, a leader in developing open banking solutions, enables UK fintech HyperJar to follow PSD2 requirements and provide new open banking capabilities. Budgeting app and eWallet HyperJar helps people plan their spending by allocating money into multiple jars, using each of these mini-accounts for different spending purposes: groceries, coffee,…