Virtusa Corporation (NASDAQ GS: VRTU), a global provider of digital strategy, digital engineering, IT services and solutions that help clients change and disrupt markets through innovation engineering, today announced that its CDR (Consumer Data Right) Solution has been selected by IMB Bank to assure the bank is compliant with the Australia Competition and Consumer Commission (ACCC) CDR regulations for open banking.
To support compliance by IMB Bank, Virtusa’s CDR solution leverages elements of its Open Innovation Platform (OIP) as well as components of WSO2 API Management and Identity & Access Management.
Through the CDR, the Australian Government has mandated that consumers have greater access to and control over their data. It will improve consumers’ ability to compare and switch between products and services and will encourage competition between service providers, leading not only to better prices for customers, but also more innovative products and services.
Financial institutions in Australia have until October 1, 2020, to comply with Phase 1 of product reference data (PRD) sharing obligations.
“Given the likelihood that open banking will change our industry, we are developing a strategy for leveraging and managing the impacts and opportunities of CDR,” said Lauren Wise, general manager corporate services, IMB Bank. “As part of selecting a preferred Open Banking partner, we were most concerned with the quality of the solution, and finding the right fit, experience, and capability in our chosen vendor. Virtusa’s open banking solution scored the highest on these attributes and it has the real-world experience to help IMB Bank right now. Beyond compliance with Product Reference Data sharing obligations as a Data Holder, we look forward to continuing working with Virtusa to comply with all phases of Consumer Data Sharing (CDS) obligations.”
“Virtusa’s experience in open banking, financial compliance, and ability to partner with the right fintechs is the difference-maker for financial institutions up against compliance deadlines,” said Naresha Supramaniam, SVP, head of APAC, Virtusa. “Not only will IMB Bank achieve regulatory compliance, they now have the open banking foundation to leverage upon.”
“The core goal of open banking and the CDR is to give consumers control of their data and to put that data to work on their behalf,” said Seshika Fernando, VP and general manager, open banking, WSO2. “WSO2’s technology, which incorporates expertise from our deployments with some of the largest banks globally, together with Virtusa’s OIP is primed to help IMB Bank deliver on these goals.”
