Our Open Banking service is designed for Banks who want to securely make their Data available via a REST API using a consent driven authorisation without the associated risks or costs of doing it themselves.

Based on the Consumer Data Right framework, Data Source in a Box provides a consent driven, hosted and fully managed REST API which connects to core Banking systems.

Our inbuilt accreditation system requires Data Recipients undergo an annual compliance and security review, before a financial institution approves access to customer data. Reducing risk for financial institutions and ensuring they maintain control of the data.

For the last 10+ years, SISS have integrated our solutions with all major Banks in Australia.

Join us to benefit from our experience of partnering with the largest Australian Banks to bring you a fully managed Open Banking solution.

What is Open Banking as a Service

Key Features

Data Recipient Onboarding

Vet Data recipients, annual compliance review, approve or revoke access, dispute resolution

API Management

Vendor onboarding & approval, API versioning, API throttling, High availability and uptime, API status page

Data Security

Regular penetration testing, vulnerability monitoring, Data loss prevention, web application firewall

Sandbox/Playground

Access to test data, developer support, release management

Data Analytics

Daily Data usage, usage by Data recipient, Comparison by period, Consent status and trends

Consent Management

Online & paper based consent, approve and revoke consent

Developer Portal

API documentation& changelogs, API versioning, API throttling

Relationship Manager

Dedicated relationship manager, open banking updates, technical assistance

Core Banking Integration

Existing core banking plugins, multiple file format (BAI, CSV,XML), push or pull Data collection via, SOAP REST, SFTP Data cleansing, transport Data encryption at rest and in transport

Who is Open Banking as Service designed for

Open Banking as a Service is designed for Banks who want the benefit of securely sharing Consumer Data, without the high upfront costs and ongoing day to day management of Open Banking

  • ✓ Fixed pricing – Keep within budget
  • ✓ Fully Managed – Use our team not yours
  • ✓ Developer Portal & Sandbox – Ready, Set . . . BUILD
  • ✓ Security Monitoring – We worry so you don’t have to
  • ✓ Connect now – Instant Data sharing via our exciting Fintech network

We Keep Costs Simple

No lock in contracts, minimum terms or exit penalties, simply set up your service and pay month to month.

Set Up Fee$10,000 + gst
Monthly Feefrom $2,500 + gst per month
Speak to us for more detail

Data Lifecycle

The following diagram highlights the phases of the data lifecycle.

Definitions

WSO2 Open Banking is the only purpose-built solution that provides all technology requirements for achieving complete Open Banking compliance using a single technology platform.

Data Custodians

Individuals or organisations in physical or logical possession of Data for the Data owner.

Data Managers

Personnel directly responsible for the operational access and management of Data.

Data Owner

SISS Data Services is the Owner of all Data collected, stored or managed by personnel of SISS Data Services.

Data Sources

The Bank or Financial Institution that the Data Owner maintains an account with and obtains the Data Feeds from

Data Stewards

Personnel responsible for the integrity, availability, confidentiality, and quality of Data Management. There should be at least one designated Data Steward for each business unit or department.

Financial Information

Data that relates to a financial product or transaction from Data Sources that may contain information as detailed in Table 3 below.

Personal Information or PII

Any information or an opinion about an identified individual, or an individual who is reasonably identifiable.

SISS Data Services Data Resource

Data owned by SISS Data Services may reside in various systems and locations as required and justified by the business, these are consistently referred to as a single, shared resource.
All such Data owned and managed by or on behalf of SISS Data Services is considered part of the SISS Data Services Data Resource.

Third Party

An individual, company or other entity that an individual has granted consent to access their personal information.

Data Types

We'll help you comply with the regulation's Open API and security requirements

We are part of the Data Standards technical working group and follow the regulation closely. We will ensure that the Open Banking solution is updated as and when the specification and security updates are released. This frees your teams' time to focus on more pressing tasks.

Our technology model and team, work well with yours

We provide both cost-based and deployment-based engagement models catering to Banks of any size. We also provide training programs that get your teams up and running with our technology in record time.

We assist in communicating the benefits of Open Banking to your customers

Our work with European Banks revealed some key concerns consumers had with Open Banking. We’ll use these as examples to address perceptions for Australian banking customers. The earlier you educate your customers, the more trust you build with them.

Use us to prepare for digital banking initiatives in Australia

As Open Banking takes off, your customers will demand more services and products that make their lives easier. Your IT infrastructure needs to scale to meet these new demands. Our platform and domain expertise make us the ideal technology partner to help you become a market leader in digital banking.

Data Types

SISS Data Services, through their feeds, may store the information as detailed in the table below.

Bank Account Data

Direct from Financial Institution

  • Account Number
  • Account Name
  • BSB
  • Transaction Details
  • Balance Details

Credit Card Data

Direct from Financial Institution

  • Tokenised Credit Card Number
  • Card Name
  • Transaction Details
  • Balance Details

Contract Note Data

PDF of Contract Note emailed to SISS & Direct from Financial

  • Name of Account
  • Account ID

Institutions System

  • Email Address
  • Transaction Details
  • Brokers Details

Wrap & Managed Fund Data

Direct from Financial Institution

  • Account Number
  • Account ID
  • Investment Holding Details
  • Transaction Details
  • Balance Details

Share Registry Data

Direct from Financial Institution

  • HIN
  • Account Name
  • Investment Holding Details
  • Transaction Details
  • Balance Details

Principles

The following principles outline the acceptable minimum requirements that must be adhered to by SISS Data Services and its personnel to provide high quality and easily accessible Data while protecting the confidentiality, integrity and availability of Data collected and provided by SISS Data Services.

Resources

We would love to help in your compliance journey.