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Regional Australia Bank has completed the sale of its myCDRdata platform to Australian-based payment, banking and regulated data solutions provider Cuscal.
myCDRdata, built by Regional Australia Bank, leverages the government’s Consumer Data Right (CDR), enabling consumers to experience CDR for themselves by accessing their own banking data from any Australian bank for free.
Regional Australia Bank CEO David Heine says the organisation is proud to have founded this leading product in the Open Banking space and is excited to see it grow and evolve.
“We have a unique set of core-banking technology strengths and capabilities. Our “uniqueness” is derived from our people, their creativity, and the purposeful partnerships we have developed over time to enhance our customer’s banking experience.”
A premium subscription (myCDRdata pro) is available to banks and other entities to help them undertake simple, convenient & fast verification testing of their CDR capabilities.
To date, consumers have used myCDRdata to access all 114 bank brands in the CDR ecosystem, with pro-subscriptions supporting 43 brands. Regional Australia Bank continues to take a consumer-first approach to banking by embracing CDR and other emerging technology wherever possible to help its members and their communities.
“myCDRdata reflects the hard work and dedication Regional Australia Bank continues to invest into future-driven banking – we are excited to pass the baton to Cuscal and assure all myCDRdata customers that they are in good hands.” says Heine.
Cuscal is Australia’s largest independent provider of payment, banking and regulated data solutions and sees the acquisition of myCDRdata as important to being a leading provider in the Open Banking and CDR environment, as it provides immediate access to proven technology that has been successful in the market.
Cuscal’s CEO and Managing Director, Craig Kennedy, says, “We are excited by the opportunity to acquire this proven market-leading asset from Regional Australia Bank, which will position us well to accelerate our relevance and maturity in Open Banking and CDR.
“We believe the convergence of data, digital identity and payments is a key growth opportunity for Cuscal, and the acquisition of myCDRdata will accelerate this strategic focus.”