Ping Identity has launched a Consumer Data Right (CDR) Integration Kit enabling Australian banks and fintech company data holders to align with CDR regulatory requirements while also simplifying data recipient functionality.
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 innovation and competition among service providers.
“CDR is both a challenge and an opportunity for most organizations,” said Mark Perry, APAC CTO, Ping Identity. “As well as allowing the required data sharing to take place, the real value and competitive advantage will come from being able to use the underlying infrastructure in other areas of the business. Opportunities could include improving the way consumer identity is managed and enabling new services in which secure data sharing is essential.
“The Ping Identity CDR Integration Kit now fast tracks customers achieving CDR conformance as per ACCC specifications. Indeed, CDR-conformant organizations must-have a consent model that not only captures and enforces consent in line with current requirements but also meets requirements for concurrent consent. Our kit now enables financial service organizations to have the security measures in place to make CDR possible.”
