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Tuesday, 25 September 2018 00:00

Ireland’s Priviti launches in Australia ahead of new Open Banking regime

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Ireland-based global fintech Priviti has launched in Australia as the country prepares for the imposition of new Open Banking legislation and the Consumer Data Right which require major banks to make data on credit and debit card, deposit and transaction accounts available by July 2019 and mortgages by February 2020.

Based at the fintech and innovation hub Stone & Chalk, the Sydney office of Priviti will be led by Dermot McCann, Priviti’s head of APAC and chair of the Australian Information Industry Association’s Financial Services Group.

In addition to the new open banking legislstion, the legislated Consumer Data Right will give Australians greater control over their data and enable them to choose to share their data with trusted recipients for purposes they have authorised.

Proiviti says it is helping banks get ready to comply with new legislation and empower consumers with greater control over how their personal data is shared, with the launch of its consent management solution into Australia and New Zealand.

According to McCann, the company’s extensive experience with global data protection laws such as PSD2 and GDPR means it has seen the paradigm shift in the way financial organisations and individuals view their data, and how their systems need to change.

“Every day a bank is potentially engaging in new activities that could impair their compliance, particularly now in this new era of Australian Open Banking,” McCann said. “I am delighted to launch Priviti into Australia as a means to obtain and maintain an inventory of granular consents, that gives an organisation the tools and ability to innovate that can both keep the customer at the heart of its innovation and the regulatory teams happy – no mean feat.”

Alex Scandurra, chief executive of Stone & Chalk, said: “We are so thrilled to welcome Priviti to Stone & Chalk and look forward to seeing them work with banks to embrace the challenges of data sharing. As Australia ushers in a new era of Open Banking, fintech start-ups in our space like Priviti will be leading the way in securely sharing data.”

Priviti is supported in its entry into Australia by Enterprise Ireland, the Irish Government organisation responsible for the growth of Irish enterprises globally and claimed as the second most active fintech investor in the world.

Hannah Fraser, senior market adviser, Software and Services for Enterprise Ireland ANZ, said “the proven track record of Irish fintechs in marrying innovation, big data capture and compliance in very strict European markets with complex legislation would be very helpful to financial organisations here as we head into a new state of transparency and protection”.

“We help match Australian businesses to Irish innovators to help navigate this new world through the irishadvantage.com.au”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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