San Francisco-based digital identity company ForgeRock has announced the launch of the ForgeRock Consumer Data Right (CDR) Open Banking Accelerators, a platform aimed at helping banks and financial services providers build and test CDR systems.
CDR systems are a way of helping the financial services industry save as much as two-thirds of the costs associated with meeting mandatory compliance measures. First introduced by the Australian Government, the CDR concept is meant to give consumers greater control over their personal data by mandating a set of technical requirements for financial services institutions that ensure their customers’ data is accessible only by third parties that have authorization and consent from the consumer.
By ensuring that the application programming interfaces (APIs) that financial institutions use are prioritizing customer authorization when sharing their data with other providers, ForgeRock’s CDR Open Banking Accelerators is built to protect consumers by giving their financial service providers the tools necessary to help them address complex CDR guidelines as outlined by the Australian Government and Australian Competition and Consumer Commission (ACCC).
“Given the complexity of CDR standards, and with deadlines for compliance quickly approaching, it’s imperative that financial service providers have solutions in place quickly so they can build new services and revenue streams,” said James Ross, regional vice president, ForgeRock ANZ.
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