Xinja Bank, an Australia-based neobank, announced on Tuesday it has joined forces with SISS Data Services for new open banking solution. Xinja Bank reported that the partnership is considered part of the first phase of its Consumer Data Right (CDR) journey.
“This initial phase of CDR, commonly referred to as ‘open banking’, sees financial institutions share product data such as features, interest and fees that will help consumers to make better informed decisions about financial products and services.”
Xinja further explained that SISS Data Services has created a subscription Product Data API to allow banks to quickly comply and innovate without the expense and lengthy process of developing their own API. Xinja Chief Information Officer, Greg Steel, stated:
“SISS is already well established in sharing customers’ banking data through pre-CDR channels and has mature controls for keeping data safe. However, what really attracted us was that Xinja and SISS, along with partners like private data sharing platform digi.me and ID Exchange, are well aligned in vision; looking beyond CDR to putting data fully into the hands of customers and helping them control access.”
Xinja recently deployed cloud connectivity company Kong’s Kong Enterprise solution to power its mobile banking platform. At the time of the deployment, Kong stated with its service connectivity platform, Xinja is able to more effectively connect, secure, and manage all of its API and services.
“As a 100-percent digital bank designed for mobile, Xinja is bringing a new kind of bank to customers and revolutionizing the entire banking experience. This includes not just providing traditional banking products but also integrating with other valuable products through open APIs to deliver a financial ecosystem to their customers.”