Bank of us achieves Open Banking milestone

Bank of us, Tasmania’s only customer owned bank, is pleased to announce it is now officially an active data holder under the Consumer Data Right (CDR).

The Consumer Data Right is legislated by the Australian Government. It is intended to provide individuals and small businesses greater control over their banking information and more confidence in the use and value of their data.

Bank of us joins fellow customer owned financial institutions including Illawarra Credit Union and Bank Vic on the Consumer Data Right register as an active data holder.

Bank of us CEO Paul Ranson said the milestone required significant effort and commitment from the Bank of us team and banking peers.

“Taking a leading role, we worked alongside Illawarra Credit Union, Bank Vic and industry partners, to assist a collective group of Ultradata customers to achieve activation by 1 November,” said Mr Ranson.

“Ultimately, this milestone was made possible with the support of our industry partners, Ultradata, Adatree and Innovo Technology Solutions and a collaboration of more than 20 customer owned banks.”

The introduction of the CDR ecosystem has brought with it challenges in investment in technology and compliance for the customer owned banking sector.

“By working together, Bank of us, along with the collective group of banks are in a better position to meet the ongoing requirements of the CDR.”

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