Verrency adds two more partners – Basiq and Pulse iD – to enable financial data aggregation and geolocation services to be easily accessed by banks
Australian global payments innovator Verrency has certified two new strategic partners, Basiq and Pulse iD, to enhance the commercial offerings it enables for issuers and banks. Announcing the partnership today at Money 20/20 in Las Vegas, the deal enables Basiq and Pulse iD to easily distribute their financial data aggregation and geolocation services to global financial institutions via Verrency’s integration platform. Verrency Founder and CEO, David Link, said Basiq and Pulse iD are fantastic additions to Verrency’s growing fintech services marketplace, V+, in making it increasingly easier for banks and issuers to innovate at scale by significantly reducing their own cost of integration with FinTechs. In accessing Basiq via the […]
Basiq and Verrency enable banks to drastically improve the quality of their data
Basiq and Verrency have joined forces to enable banks to store clean, categorised and enhanced transaction data – in real-time, at point of purchase. This will uncover new opportunities for banks to offer their customers innovative, and personalised products and experiences. We are all aware of how ‘unclear’ transaction data can be. Think of how often customers call banks with queries – they have no idea what an item on their credit card statement called ‘HT Willis Brook’ is. You may have heard the term ‘garbage in – garbage out’. If a bank stores unclear transaction data when a customer makes a purchase, this data is then passed downstream to […]
Irish fintech Priviti launches in Sydney as Australia prepares for Open Banking and the Consumer Data Right
As Australia prepares for its new Open Banking standards and the Consumer Data Right, Priviti, the global fintech company, is helping banks get ready to comply with new legislation and empower consumers with greater control over how their personal data is shared. Its extensive experience with global data protection laws such as PSD2 and GDPR means Priviti has seen the paradigm shift in the way financial organisations and individuals view their data, and how their systems need to change, explains Dermot McCann, Priviti’s Head of APAC. “Every day a bank is potentially engaging in new activities that could impair their compliance, particularly now in this new era of Australian Open […]
Max ID launches Australian-first digital technology that provides ‘safe harbour’ identity verification for property transactions in less than 10 minutes.
Max ID, an Australian Fintech facilitator and RegTech specialist, has today publicly launched a technology solution that it believes will bring a broad range of industry players a step closer to their aim of delivering simple, efficient and inexpensive same-day ‘safe harbour’ identity verification for mortgages and property services transactions. Financial institutions and non-bank mortgage lenders have long been endeavouring to provide intra-day, unconditional home loan approvals. There are a number of hurdles to achieving that outcome in Australia, including the requirement to conduct a face-to-face and in-person interview with the borrower to meet regulatory requirements. Until now that requirement has created a conflict between delivering regulatory ‘safe harbour’ outcomes, […]
Australian National Blockchain will bring opportunities for disruptive startups, says Data61 senior research scientist
CSIRO’s Data61 data innovation group is collaborating with law firm Herbert Smith Freehills and technology giant IBM to build the Australian National Blockchain (ABN), a large-scale cross-industry platform for smart contracts. The ABN is intended to serve as a national infrastructure, allowing companies to join the network to share digitised contracts. Work is currently underway on a pilot, with the platform expected to be able to host live transactions by mid to late 2019. The decentralised nature of blockchain technology means, once the platform is available, there will be one version of a contract accessible to each involved party. Permission-based access is intended to allow data to be exchanged securely, […]
Banks and fintechs lock horns on consumer data
If you’re interested in the design of policy to put data into the hands of customers, there’s three weeks to provide Treasury with a response to its draft bill that will introduce a “consumer data right” into the Australian economy. Banking will be the first sector to which the new right will apply – and fintech innovation is set to proliferate as a result. It will then extend to energy and telecommunications, meaning the law will stir competitive forces across some of the most important industries in the country. The Treasury Laws Amendment (Consumer Data Right) Bill 2018, released for comment last week, is being closely scrutinised by banks, fintechs […]
Open data revolution ramping up: What fintechs need to know
By Steve Philpotts, General Manager – Data Quality and Targeting, A/NZ at Experian In case anyone thought the open data revolution was settling down, last month’s advances have proved that we’re only just getting started. The government set new deadlines for Australia’s Open Banking regime, set aside millions in the budget for funding broader ‘Consumer Data Right’ measures, and announced that they will hire a National Data Commissioner. All this occurred in the shadow of data security concerns, and debates around the nuances of comprehensive credit reporting. Understandably, many financial services organisations have been left wondering how they can keep pace. As regulators across Australia are increasingly looking to […]
Data revolution to transform four pillars model
You’re browsing through Facebook when a message pops up, asking if you’d like to check whether you’re getting a decent interest rate on your savings. Curious, you tap the screen to find out more. It asks you to provide a bit more information about your financial goals – you’re saving for a deposit on a house and hope to buy in about two years. You are then asked to give consent to securely share some key bits of financial information online: your income over the last six months, and your spending over this period. Within seconds, the app has a recommendation: it’s found a bank account and term deposit that […]
