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ForgeRock Announces Open Banking Compliance Platform for Australia

November 5, 2020

San Francisco-based digital identity company ForgeRock has announced the launch of the ForgeRock Consumer Data Right (CDR) Open Banking Accelerators, a platform aimed at helping banks and financial services providers build and test CDR systems.

ForgeRock Announces Open Banking Compliance Platform for Australia

CDR systems are a way of helping the financial services industry save as much as two-thirds of the costs associated with meeting mandatory compliance measures. First introduced by the Australian Government, the CDR concept is meant to give consumers greater control over their personal data by mandating a set of technical requirements for financial services institutions that ensure their customers’ data is accessible only by third parties that have authorization and consent from the consumer.

By ensuring that the application programming interfaces (APIs) that financial institutions use are prioritizing customer authorization when sharing their data with other providers, ForgeRock’s CDR Open Banking Accelerators is built to protect consumers by giving their financial service providers the tools necessary to help them address complex CDR guidelines as outlined by the Australian Government and Australian Competition and Consumer Commission (ACCC).

“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 organizations to skip the hassle of a testing sandbox, enabling financial service providers to realize huge time and cost savings on development and implementation.” 

The Open Banking Accelerators platform — which was built in partnership with Middleware New Zealand — provides a “plug in and go” format that also includes a “mock bank” simulation for testing purposes.

In addition to the above features offered by the Open Banking Accelerators, the platform also helps financial services providers by creating a centralized consent engine that enables only accredited data recipients to request access to customer data.

“We are long-term, strategic alliance partners with ForgeRock and have implemented their CDR solutions on behalf of our clients,” said Danny Flint, director, KPMG Australia. “They offer a tangible method of accelerating the timelines for compliance with CDR, as well as the opportunity to save costs.”

–

November 5, 2020 – by Tony Bitzionis

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Filed Under: News Tagged With: banks, Biometric, biometrics, compliance, data privacy, digital identity, financial services, financial services solutions, ForgeRock, regulatory compliance, remote authentication

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