Ping Identity, an American software company, has launched a CDR (Consumer Data Right) Integration Kit that will assist Australian firms and organizations to better manage their customer service operations. Australian banks and fintech companies will be now able to do their work in compliance with CDR regulatory requirements.
Since CDR dictates that companies and other organizations that deal with business and finances must provide customers with better access, Ping Identity has developed this new tool to help the consumers. With it by their side, they will be able to switch between products and services with ease. Also, this integration kit will encourage competition among service providers.
Tier one banks had to meet their CDR compliance by July 1, 2020, while tier two banks and smaller companies have to do it by July 1 next year.
The Ping Identity CDR Integration Kit includes tools that can configure a target environment designed to align with the current CDR specification. It is designed to provide compliance to the specific FAPI CDR, plus, it can integrate with bank APIs as well.
Ping Identity APAC chief technology officer Mark Perry said:
“CDR is both a challenge and an opportunity for most organizations. 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.”