FinSS Global extends its partnership with Salt Edge Inc to introduce to Australia their CDR Compliance Solution for the small to medium Banking Sector.

Australia is at the forefront of giving consumers greater control over their financial data via the Consumer Data Right (CDR) and the Government is committed to the financial sector being the first to adopt these sweeping changes, all institutions encouraged to become CDR compliant in 2021. That is why FinSS Global and Salt Edge are aiming to help the smaller banks, credit unions, building societies, Neobanks and Fintechs, follow strict regulations while protecting customers’ data and privacy under open banking, through Salt Edge’s CDR Compliance Solution.With phase two of the regulatory adoption quickly approaching, technology solutions start-up FinSS Global has extended its partnership with Salt Edge Inc, an ISO 27001 compliant leader in developing open banking solutions, to enable the smaller Australian financial institutions wanting to become Data Holders, to meet all the strict CDR requirements within 1-2 months. The CDR Compliance Solution is essentially Data Holder “compliance in a box”. It has everything you need to be CDR compliant and is a holistic approach made up of components and configuration items such as an API for sharing consumer data together with a sandbox for ADRs’ testing, a Consent Management API to assure end-customers full visibility and control over their granted contents, a dashboard for the data holder to have full control and access to insightful statistics, an ADR Developer Portal for seamless integration and interaction with the organisation’s channel, a Multi-factor authentication solution for end-customers security, ADR verification, and much more. The solution is based on a SaaS model which makes it secure, easily deployable and reduces the amount of technical implementation and skills required from Data Holders. Salt Edge handles all the maintenance, regular updates according to new changes in the Consumer Data Standard (CDS) requirements, and even assists with passing the Conformance Test Suite (CTS) process. Open banking represents just the first phase of Australia’s strategy in making the sharing of any kind of customer data easier. That is why the CDR Compliance Solution is flexible and can be tailored so that it fits any industry or business case requirement, including the potential addition of payment initiation possibilities in the future. “We partnered with Salt Edge in 2020 because we believed their experience with PSD2 in the UK and Europe and some of their solutions could be of significant benefit to the smaller Australia Financial Institutions looking to participate in the emerging CDR Ecosystem. This resulted in us working closely with Salt Edge to adapt their SaaS-based “compliance in a box” solution for the small to medium banking domain and launch the CDR Compliance Solution for Australia. We are excited to be working with Salt Edge and speaking with our target market and potentially their Service Providers, about a quick solution to becoming a compliant Australian Data Holder in the emerging CDR Ecosystem.” commented Dallas Newton, CEO and Co-Founder at FinSS Global.“While helping businesses across the globe to set their strategy in leveraging Open Banking, we understood that all of it might often seem like a regulatory and technological burden for institutions. That is why together with FinSS Global, we are committed to guiding Australian financial institutions towards a seamless CDR compliance journey,” commented Lisa Gutu, Head of Business at Salt Edge. About FinSS GlobalFintech Solutions and Services (Global) Pty Ltd (FinSS Global) - established in Melbourne, Australia in 2019, as an organisation focused on Data Compliance, Debt/Collection Management, Banking Solutions, including Open Banking (CDR) Enablement, and Digital Transformation. Our target market is the small to medium Australian Authorised Deposit-taking Institutions (ADIs), Lenders/Credit Providers, Neobanks and emerging Fintechs. We offer our own leading-edge (digital) solutions and expertise, as well as solutions and capabilities from key like-minded Strategic Partners, such as Salt Edge Inc and Railz Inc, to cost-effectively meet the needs of our target market.More information: www.finssglobal.comPhone number: +61 3 9005 1030Email: info@finssglobal.comAbout Salt EdgeSalt Edge – a financial API platform with PSD2 and open banking solutions. The company has two main vectors of activity: enabling third parties to get access to bank channels via a unified gateway and developing the technology necessary for banks to become compliant with the directive’s requirements. ISO 27001 certified and AISP licensed under PSD2, the company employs the highest international security measures to ensure stable and reliable connections between financial institutions and their customers. The company is integrated with 5000+ financial institutions in 50+ countries.More information: www.saltedge.com Phone number: +1-437-886-3969Email: press@saltedge.com