Ping Identity releases Consumer Data Right Sandbox to fast-track Open Banking adoption in Australia

By Edil Corneille

Denver-based Ping Identity, an Intelligent Identity solution, announced today the release of its Australian Consumer Data Right (CDR) sandbox environment to allow banks and FinTech companies to jumpstart their CDR compliance efforts.

For tier one banks and large financial institutions, CDR-compliant data sharing needs to be in place by July 1. However, because of the pressures caused by the COVID-19 pandemic, tier two banks and smaller firms have been granted an extension until July 2021.

“This is a significant release for the Australian financial services market,” explains Mark Perry, APAC CTO, Ping Identity, and member of the Data Standards Body, the advisory committee for the CDR. “Our customers have been under a great deal of pressure to make technology purchasing decisions for CDR compliance.

“The CDR sandbox provides a pre-built development environment to get started quickly without the cost of custom development. It allows banks and FinTechs to focus on their core business — working with customer data via the CDR APIs — and leaves the complex InfoSec and user consent requirements to Ping Identity. The CDR continues to evolve, and Ping Identity will continue to update the sandbox accordingly. As an additional benefit, it is also a flexible platform for future digital transformation that can be used for other identity security projects across the enterprise.”

Under CDR rules, financial institutions must provide customers with greater access and control of their data. The aim is to make it easier for consumers to switch between products and services and to encourage more competition between service providers.

Ping Identity’s CDR sandbox environment builds on its previous achievements worldwide in Open Banking, where the company became the provider of the identity platform to pass all 70 technical security tests with zero warnings. The sandbox is a DevOps-driven environment, built on Ping technology, that can be deployed in minutes and includes the major technical and user experience requirements of the CDR specification version 1.2.