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EY Fuse Consumer Data Rights Solution
This innovative solution, built on Microsoft Azure, helps authorized deposit-taking institutions comply quickly to Consumer Data Rights open banking regulations and standards.
Comply and compete with open banking
The introduction of a Consumer Data Right (CDR) in Australia, leading the wave of open banking regulations and standards being rolled out internationally, presents both challenges and opportunities for Australian banks.
Due to the specific CDR near-real-time data requirements and velocity of change CDR is creating, open banking compliance can fuel a strong business case for ADIs to receive funding and project support for their move to a multi-cloud environment. The EY Fuse Consumer Data Rights Solution, built on Microsoft Azure, encompasses a modular component design so authorized deposit-taking institutions (ADIs) can become compliant quickly. The solution also helps ADIs access other Azure-based EY capabilities so they can capitalize on CDR data to develop attractive new products and services and gain new customers.
At the heart of the EY Fuse Consumer Data Rights Solution’s design is a powerful combination of the global open banking technology knowledge of EY and innovative Microsoft technologies. Built on the EY Client Technology Platform using an all-Microsoft Azure native technology stack, the solution is cloud-based, extensible, scalable and end-to-end. This enables the solution to manage data flow seamlessly across consumers, data holders, data recipients and relevant open banking collaborators and regulators.
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Our EY Fuse Consumer Data Rights Solution:
Positions ADIs to both comply and compete
- Reduces the risk, cost and complexity involved in meeting compliance deadlines
- Positions ADIs to leverage CDR data in the future to compet
Can be delivered as a service
- Provides required capabilities via a secure Azure platform hosted in Australia
- Requires no internal resources to operate
- Frees up capital for other priorities by shifting compliance from CapEx to OpEx
Provides an Australian solution with a global perspective
- Meets Australian CDR regulations and standards
- Leverages EY industry experience gained in successful United Kingdom implementations
- Supported by EY technology skills and innovative Microsoft technologie
Takes an end-to-end approach
- Includes all required process and technology capabilities
- Integrates seamlessly with ADIs’ existing systems
- Maintains currency with evolving regulations, standards and scopes