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What’s Australian neobank Xinja been up to in open banking?

By Edil Corneille

November 04, 2020

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Xinja, neobank, Australia, open bankingAustralian neobank Xinja apprised that its first deadline was in September to provide access to its product data (the details of Xinja’s bank account and Stash account) via an API, so that this could easily be accessed by third party providers (TPPs).

Xinja has mentioned that by July 2021, it needs to make customers’ data available, again via the API and according to open banking standards, at the request of the customer, to third parties who are accredited ‘recipients’. For example loan companies or services automatically pulling relevant data to assess an applicant.

The lead regulator of the Consumer Data Right (CDR), the ACCC (Australian Competition and Consumer Commission, writes: “the CDR will give consumers greater access to and control over their data. It will improve consumers’ ability to compare and switch between products and services, and will encourage competition between service providers, leading not only to better prices for customers but also more innovative products and services.”

Xinja has joined forces with SISS Data Services to create a new open banking solution and to meet the October deadline to comply with the first phase of the new Consumer Data Rights (CDR) regulations.

Xinja’s Chief Information Officer Greg Steel explains why the neobank chose SISS: “What really attracted us was that Xinja and SISS, along with partners like private data sharing platform digi.me and ID Exchange, are well aligned in vision; looking beyond CDR to putting data fully into the hands of customers and helping them control access.” Steel believes that the next steps of the CDR might be difficult for some of the bigger banks. “I believe CDR alone opens up opportunities for FinTechs, but companies like Xinja and SISS will go beyond CDR and look to really unleash FinTechs from the inbuilt constraints of legacy banks very soon. It’s an exciting time.”

Xinja is following APRA’s CPS 234 information security standards and, as well as the SISS partnership referenced above, have partnered with Kong to create an API gateway. Now that the bank has passed the October milestone, it is looking forward to being fully CDR compliant by July 2021 to take part in the fuller open banking ecosystem and ultimately receiving customer data from third parties.

ALSO, READ: Frollo and NextGen.Net: The State of Open Banking in Australia

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