Basiq making open finance possible

The Basiq 3.0 platform minimises complexity by providing a single access point for access to multiple data sources. Not only does Basiq 3.0 grant access to the Consumer Data Right (CDR) data with open banking, but the platform can also access data through web capture for financial institutions that are not yet part of open banking.

The platform is future-proofed to access data outside the financial services sector that will be available as the CDR progresses, including telcos, utilities, insurance, and more.

“Open finance is the critical next step up from open banking; it represents an opportunity to obtain a statement of financial position from current and future consumers. Fintechs can incorporate data from various sources, including superannuation providers, BNPL services, non-ADI data, payments, wealth management, insurance providers and more,” stresses Basiq CEO and founder Damir Ćuća.

“The use of the Basiq platform continues to grow into new segments and with the developments in open finance, this will only continue to accelerate,” Ćuća claims.

Basiq 3.0 features a new consent management capability to ensure a consistent approach to how data is managed and used. It also ensures that fintechs can operate in a way to deliver value to consumers while empowering them to have full control over the use of their data.

The upgrades to the platform with Basiq 3.0 include:

Data sources: The ability to consume data from a variety of sources, including banking, superannuation, BNPL and card issuers, through different methods, all via a single API.

CDR access: Access to all data holders with open banking and the ability to consume data from future segments under the CDR.

Consent management: Ability to define consent policies, UI, data use and duration for each application across all data sources.

Data governance: Fully managed data governance solution to conform to data rules including anonymisation, deletion and notification of consent changes

Developer hub: New tools to help the developer journey including extensive API docs, quickstart guides, starter kits and a sandbox environment to test financial data and integration.

Open finance provides organisations the ability to offer financial services products to their consumers. Basiq 3.0 eliminated the complexity in accessing and using financial data.

Source: Fintech Australia

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