Monday 8 November 2021 – Sydney, Australia. TAS announces today a collaboration with Biza.io (biza.io), one of Australia’s fastest-growing fintech providers of Australian Consumer Data Right (CDR) compliance. As the market leaders in Data Holder solutions to the CDR, Biza.io is the only pure-play CDR solution vendor in Australia.
Open banking has required the banking, financial services and insurance industry to rethink their compliance strategy, as the system now allows access and control of consumer banking and financial accounts through third-party applications. While open banking has the potential to reshape the competitive landscape and the consumer experience, it does bring increased risk to consumers as their data is shared more widely.
Because of this, in 2017, the Australian Government introduced CDR in Australia. Applied to the banking sector, CDR gives consumers greater access to and control over their data, and improves their ability to compare and switch between products and services. Biza.io has developed an exclusive and powerful solution that complies with the CDR requirements.
The arrangement between TAS and Biza.io will see TAS host the Banking System of Record for a number of Biza.io customers and will allow clients to use the Biza Holder as a Service (HaaS) platform securely through the TAS managed Azure product. TAS is instrumental in facilitating the connectivity between the Biza.io solution and the clients’ TAS-hosted banking platform.
TAS’ collaboration with companies such as Biza.io not only ensures its clients are compliant with mandated regulations, but also helps these companies open up opportunities to extend their offerings, leverage other third-party platforms and ultimately grow their customer base and market offerings.
Stuart Low, Biza.io founder and CEO, says, “The CDR is a complex, constantly changing specification. Biza’s turnkey HaaS solution was selected by a number of TAS customers for its comprehensive CDR compliance and ease of implementation. With a short time frame to on-board these banks, TAS’ team of specialists was the perfect partner to ensure that the November 1 deadline was met. Biza now has the enviable record of delivering seven banks into production in the CDR on time, without errors or data quality issues. TAS has been essential in keeping our record intact.”
Shane Baker, TAS CEO, says, “While open banking has presented the finance industry great opportunities in terms of bolstering market offerings, data security is still a major concern for consumers. Leaders must ensure they maintain the highest standards of data compliance at all times, to manage not only their security, but most critically the security of their consumers.”
He adds, “We hope to be an important part of the solution by helping our clients achieve secure and seamless digital operations as well as ensure that their teams are well equipped to protect customer data and maintain the highest level of compliance.”
This follows several partnership announcements including last year’s acquisition of Experteq. TAS continues to expand its offering and capability ensuring that its customers have access to the latest solutions to ensure enhanced security and compliance. ~ ENDS
About TAS (https://tas.business) Founded in 1989, TAS is an Australian-owned and operated provider of technology services to the Australian financial services market. With extensive experience servicing one of the most highly regulated industries – Banking and Finance – TAS delivers the highest levels of availability, compliance and quality of service to over 60 clients.
About Biza.io (https://biza.io) Founded in 2017, Biza.io are Australia’s Open Banking specialists and the leader in the Consumer Data Right. Through a combination of software assets and expertise Biza.io is focused on igniting Australia’s open data ecosystem. Biza.io is proudly Australian and is excited to be part of the next revolution of financial services software and delivery.