Basiq joins open banking advisory committee of Australia

By Edil Corneille

Sydney-based open banking platform – Basiq, announced that it has joined the Consumer Data Right (CDR) Banking Advisory Committee. Damir Cuca, Founder and CEO, Basiq, was invited by the Australian Competition and Consumer Commission (ACCC) to participate in the committee that guides and provides feedback on the development of the CDR technical standards specific to the banking sector.

Joining other advisors including Westpac’s John Harries, Finder CEO Frank Restuccia, and Regional Australia Bank Chief Digital Officer Rob Hale, Cuca will be supporting the work on technical standards that provides strategic counsel and expert advice on key issues in the development and implementation of technical standards to support consumer data sharing.

Through Basiq’s membership, the company has the opportunity to provide real-time feedback on behalf of its partners in the FinTech industry in the development of the technical standards. The active participation of FinTech is critical to the ultimate success of CDR delivering the benefits to Australians outlined by the legislation.

Basiq has mentioned that it has been helping FinTechs leverage consumer banking data since 2016. Over this time, the company and its partners have learned about ways in which data should best be structured and used. Cuca will be bringing this experience to the committee with the core objective of enabling FinTechs to innovate on top of open banking data to the best of their abilities. The Banking Advisory Committee has meetings on a monthly basis.