Regional Australia Bank sells Open Banking platform to Cuscal

Cuscal Regional Australia Bank Open Banking CDR platform

Payments fintech and former 86400 owner Cuscal has announced it has acquired an Open Banking compliance testing platform from CDR pioneer Regional Australia Bank (RAB).

The platform, built by RAB – the first accredited data recipient on the Consumer Data Right (CDR) – and launched back in mid-2021, includes both a consumer-focused ‘myCDRdata’ service and the enterprise-targeted ‘myCDRdata Pro’ tool.

The myCDRdata Pro is designed for accredited data holders on the CDR to assess their compliance with Open Banking rules, enabling users to test, diagnose and solve flaws in their production data holder platforms resulting from API failure – displayed from a real end-user perspective.

Cuscal said the platform builds on its existing CDR solutions, enabling market participants “to manage compliance obligations by monitoring the health, behaviour and performance of CDR APIs”.

The consumer-specific myCDRdata platform provides a precise view of personal banking data held by any Australian banking institution, enabling users to “experience how the CDR works and discover their own data”.

Cuscal said the purchase of myCDRdata platform positions the fintech “to lead in Open Banking and CDR with immediate access to proven technology that has been successful in market”. The company added that the platform “can be utilised across Cuscal’s client base and by the wider industry quickly and at scale”.

Cuscal chief executive and managing director Craig Kennedy added that the technology will ensure the paytech company can “accelerate [its] relevance and maturity in Open Banking and CDR”.

“We believe the convergence of data, digital identity and payments is a key growth opportunity for Cuscal, and the acquisition of myCDRdata will accelerate this strategic focus.”

Once integrated by Cuscal, the two-pronged platform is set to be “enhanced and adapted” to provision it for the inevitable expansion of the CDR beyond the banking sector, with the energy and superannuation industries next in line.

“This will provide all market participants, regardless of industry or data holder service, the ability to test, diagnose and solve flaws in production data holder platforms, enabling them to avoid enforcement action for non-compliance due to API failure,” Cuscal said.