Heritage Bank has teamed up with consulting giant Ernst and Young (EY) to deploy an open banking platform that will allow it to share data under the consumer data right from July 2021.
The mutual bank on Friday said it would utilise the cloud-based EY Fuse platform to capitalise on potential new services, products and experiences for consumers, while promoting better competition.
Built on Microsoft Azure, the modular EY Fuse solution allows financial institutions to fast-track compliance with the CDR, which allows customers to request data pertaining to their accounts.
“Heritage will not only comply with the 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,” EY Oceania open banking leader Andy Parton said.
A spokesperson for Heritage Bank told iTnews that EY was selected due to its demonstrated “depth of expertise” in the CDR, and that its “cloud-enabled, ready to implement solution... set them apart”.
“Heritage is modernising and transforming its technology platforms, and a cloud-based managed service for this critical integration infrastructure was a key decision point,” the spokesperson said.
“EY also bring a number of established practices and partnerships that can provide future innovation opportunities as a data recipient.
"The EY platform will support both Data Holder and Data Recipient capability. While Heritage is currently focussed on delivering its Data Holder functions, the ability to use the same platform for Data Recipient use cases was attractive."
Heritage Bank CEO Peter Lock said he was looking forward to the collaboration with EY, which will assist the bank through its open banking transition.
“Open banking provides some exciting opportunities for consumers so it’s crucial for the infrastructure behind the initiative to be rock solid," he said.
“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.”