Friday, 06 November 2020 10:31

ForgeRock launches tools to help compliance with Consumer Data Right rules

ForgeRock launches tools to help compliance with Consumer Data Right rules Image by Inactive_account_ID_249 from Pixabay

Digital identity provider ForgeRock has launched tools to give banks and financial service providers an economical wat to build and test consumer data rights systems, and claims these utilities can reduce compliance costs by two-thirds.

The tools, built in collaboration with Middleware New Zealand, go under the name ForgeRock Consumer Data Right Open Banking Accelerators and are claimed to ensure the APIs used by financial bodies prioritise customer authorisation when sharing data with other providers.

In a statement, ForgeRock said it had designed the accelerators to help address the complex CDR guidelines set down by the Australian Competition and Consumer Commission.

“Given the complexity of CDR standards, and with deadlines for compliance quickly approaching, it’s imperative that financial service providers have solutions in place quickly so they can build new services and revenue streams,” said James Ross, regional vice-president, ForgeRock ANZ.

“Available now as a full-featured, production-grade solution, ForgeRock’s Open Banking Accelerators allow organisations to skip the hassle of a testing sandbox, enabling financial service providers to realise huge time and cost savings on development and implementation.”

The accelerators are claimed to provide resources for financial service firms to work towards compliance, saving time and development costs by providing "plug in and go" systems and even a "mock bank" that replicates real-world experiences to test against.

"We are long-term, strategic alliance partners with ForgeRock and have implemented their CDR solutions on behalf of our clients,” said KPMG Australia director Danny Flint.

“They offer a tangible method of accelerating the timelines for compliance with CDR, as well as the opportunity to save costs.”

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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