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Sunday, 29 September 2019 04:21

Identitii selected by ACCC to test open banking data ecosystem Featured

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Identitii selected by ACCC to test open banking data ecosystem Image Sujin Jetkasettakorn , FreeDigitalPhotos.net

Listed fintech company Identitii has announced it has been selected by the Australian Competition and Consumer Commission (ACCC) as one of just 10 companies to test the Consumer Data Right (CDR) ecosystem, which will enable Australia’s incoming open banking regime scheduled to go live from February 2020.

Identitii (ASX:ID8) says participation in the testing group positions the company as one of the first companies eligible to apply for accreditation under the CDR Rules to access open banking data when the regime is launched.

Testing participants were selected for their ability to meet the accreditation criteria by February 2020, their readiness to participate in testing and their proposed use case for the data. The accreditation process will run in parallel with testing.

“We are thrilled to be selected, alongside financial software company, Intuit and Australian neobank, 86 400, to test the new ecosystem that will enable open banking in Australia. Identitii intends to apply for accreditation to become one of the first companies to access open banking data in Australia,” said Identitii CEO, Nick Armstrong.

“Our vision is to create an open banking ecosystem powered by Overlay+. As banks begin to provide ‘open access’ to data from their core services, this data would be captured by Identitii to enhance its Overlay+ solution.

“Having access to open banking data presents many opportunities for Overlay+, including providing more of the rich information that helps corporates release the estimated US$9 trillion locked up on corporate balance sheets because of missing payment information. For corporate banks, this helps them attract and retain corporate banking clients and provides a new source of revenue.”

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