back Back

Heritage engages EY to help deliver open banking solution

By Edil Corneille

February 19, 2021

  • Australia
  • Heritage Bank

Heritage Bank, Australia, Ernst & Young, EY, Open BankingAustralia’s Heritage Bank today announced it will team up with professional services organisation Ernst & Young Australia (EY) to deploy a new open banking solution that will unlock opportunities for consumers to explore greater competition in financial services.

Heritage will harness the EY team’s extensive consulting capabilities and cloud-hosted EY Fuse Open Banking platform to deliver a safe, secure and easy-to-use solution.

Open Banking is a new initiative being introduced in the Australian banking landscape, allowing people to more easily share their banking data with other accredited entities.

The goal is to promote greater competition and create new services, products and experiences for Australians.

For instance, customers will be able to provide other financial institutions or accredited data recipients – like financial planners or budgeting apps – access to their personal data to help hunt for better deals on products or services.

Heritage Bank CEO Peter Lock said: “We’re looking forward to working with EY on our Open Banking solution. They have unrivalled capabilities in this area and will help us deliver a first-class solution.

“Open Banking provides some exciting opportunities for consumers so it’s crucial for the infrastructure behind the initiative to be rock solid.

“We want to reinforce to our members that our approach will keep their data secure and under their control. Tapping into EY’s extensive local and global knowledge in this space will be crucial in ensuring our solution is not only secure but also easy to use.”

EY Oceania Open Banking Leader Andy Parton said: “We’re very excited to be working with Heritage Bank on this important and exciting initiative to help them drive innovation and greater consumer choice through Open Banking.

“Heritage will not only comply with the Consumer Data Right (CDR) regulations but is well-positioned to capitalise on the opportunity to compete in this new world of Open Banking and, ultimately, better serve its members.

“I’m very proud that Heritage selected EY to collaborate with on their Open Banking journey and will have our technology at the heart of their solution.”

Previous Article

February 19, 2021

Blockpass Foundation to launch $PASS Liquidity Mining Initiative

Read More
Next Article

February 19, 2021

Profile Software upgrades treasury management platform Acumen net

Read More

IBSi Daily News Analysis

digital wallets

March 01, 2024


Banking Sector and regulatory framework: addressing India’s growing demand for secure lockers

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 01, 2024

Hecto Financial eases cross-border transactions with new solution

Read More

March 01, 2024

Marqeta & AffiniPay team to launch SMB credit card solution

Read More

March 01, 2024 activates Cartes Bancaires on Tap to Pay on iPhone in France

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023