Open Banking: Data Sharing, CDR, and Beyond

Open Banking is a government and regulator-led concept that mandates banks share consumer data in a machine-readable way so consumers can access and safely transfer their banking data to trusted parties. The goal is to reduce the friction of changing financial service providers and to spur innovation. Open Banking is part of the move toward an “Open API Economy,” where services are exposed as APIs to internal departments, partners, or public developers. Part of Open Banking and the larger Consumer Data Standards work, the Australian Consumer Data Right (CDR) represents massive opportunities for those able to respond, as well as massive risks for noncompliance.

This whitepaper explains how financial organizations need to react to help ensure compliance, deliver transparency, and adopt new business models through a unified company data management solution, one with integrated data privacy & risk analysis, data governance & master data management, data virtualization, and API management.