From October 2020, all Australian authorised deposit-taking institutions (ADIs) will be required to begin sharing Product Reference Data.
Bank rates, fees and the features of banking products covered by Consumer Data Right (CDR) legislation must be available to be automatically accessed in machine readable format in order for ADIs to be compliant with this first major Open Banking milestone. However, operational workflows and technology constraints can present challenges to the streamlined flow of this product data.
Cuscal’s Product Data Store forms part of our flexible and modular approach to Open Banking, providing organisations with an end-to-end, managed solution that takes care of CDR compliance obligations and realisation of the value-added opportunities enabled by the CDR.
