Basiq Blog

An update on where we are with CDR

Last year, we wrote an article on the state of the Consumer Data Right (CDR). Now that the CDR has officially gone live, we thought it would be a good time to invite our CEO, Damir, to provide some insight into the current state of CDR and how it can better facilitate innovation.

Regulatory Updates

Basiq joins open banking advisory committee

We are pleased to announce that Basiq has joined the Consumer Data Right (CDR) Banking Advisory Committee.

Open banking's first loan approved in minutes

Basiq, a leading fintech providing access and insights into financial data, has worked with Regional Australia Bank, Australia’s first accredited data recipient, to approve the first loan under open banking.

Basiq in the news

Inaugural loan approved through CDR regime

Basiq, A NAB-backed fintech has helped facilitate the first loan approval under the new open banking regime.

case study

Revolutionising property management with live banking data

Basiq is excited to announce our partnership with Resly, a first-of-its-kind property management system for property and strata managers. By using Basiq, Resly is able to connect to their customer’s live bank feeds, enabling them to process their end of month in one click and under 30 seconds.

Regulatory Updates

ASIC & ACCC: Screen scraping is a valid method of data sharing

Both ASIC and the ACCC have stated that they will not be banning ‘screen scraping.’ At Basiq, we work with many fintechs and welcome the position that “digital data capture services,” like screen scraping, remain necessary to fintech development in Australia.

product news

Basiq’s CDR Prototype: Basiq Consent

With Consumer Data Right deadlines fast approaching there’s been little vision into what CDR will look like, especially for consumers sharing their data. Basiq is excited to announce our first CDR prototype, providing a view of what CDR will look like in practice.

product news

Preview: Basiq Identity

Basiq is excited to announce that our Basiq Identity is in beta release. It will allow our customers to validate an applicant’s identity via their banking platform and prevent practices like “piggybacking.”

responsible lending

RG209 Update: Patterns not Payslips

ASIC has just released an update to the Responsible Lending Guidance (RG209). A key takeaway from the updates is the increasing obligation on technology to determine credit decisions.

case study

UBank adopts Basiq's AI-powered tools to help Millennials budget

Basiq has partnered with UBank to help over half a million consumers predict spending and better manage their finances via the Free2Spend app.

Regulatory Updates

Where we are with CDR

The ACCC has deferred the launch of the CDR to July 2020. In light of this, it's useful to take a look at current CDR legislation. To help you get a better understanding of the issues at play, we’ve detailed three areas of interest.

Basiq in the news

Salesforce, NAB And Reinventure Back Open Banking Platform Basiq

Open banking start-up Basiq has concluded its Series A funding, securing investment from Salesforce Ventures, NAB Ventures and Westpac’s Reinventure.

case study

How GooodPay makes it easier to support the causes that matter

Basiq is partnering with fintech company GooodPay to make it easier than ever to support the causes that matter. With access to bank transaction data from Basiq, GooodPay aims to help more customers become givers by allowing users to give smaller amounts, more frequently, via a rewards system.

case study

Empowering millennials to take charge of their money

Basiq is excited to announce that we have partnered with Fu, a platform that empowers millennials to live large and take charge of their financial well-being. Fu provides a set of simple tools that allow users to manage, spend and invest - all in one place.

Basiq closes Series A funding round | Basiq

Basiq, a leading fintech providing access and insights into financial data, has concluded its Series A funding round with investments from NAB Ventures, Salesforce Ventures and Westpac’s Reinventure.

product news

Upload your own bank data for credit decisions

It is now easier than ever to generate Basiq’s Affordability report using your own customer bank data. Simply export your data in CSV format and upload it through Basiq’s user friendly dashboard!

Basiq in the news

Salesforce makes an open banking move

US technology giant Salesforce is .... investing alongside Westpac Banking Corp and National Australia Bank in open banking platform Basiq, which could provide users of its software with a more comprehensive view of customers' financial position.

responsible lending

Rethink lending with Basiq Affordability

By partnering with Basiq to leverage Open Banking data, it is possible for lenders to increase the speed to approval as well as the likelihood of approval for more Australians.

Basiq in the news

The 4th Annual Australian FinTech Awards finalists have been announced

Basiq is excited to announce that we have been nominated as finalists in the 4th Annual Fintech Awards for our partnership with Regional Australia Bank.

product news

Make lending decisions more quickly with Basiq's income calculation

Recent updates to ASIC’s guidelines around responsible lending highlight the importance of income verification. Basiq's Affordability report leverages actual bank transaction data to help lenders accurately verify income.

product news

Announcing customer self-service via 'Basiq Connect'

Introducing 'Basiq Connect' - a customer portal which allows applicants to securely connect to their bank so lenders can generate an affordability report - no development required. ‌‌ ‌‌

case study

The changing face of financial advice

Financial advisers are under more pressure than ever to offer personalised advice at lower costs. Open banking platform Basiq and CRM software provider AdviserLogic have partnered to solve this issue and improve the way financial advice is given.

Gain a full view of customer expenses with Basiq

With responsible lending in the spotlight it can be difficult for lenders to keep up. Basiq helps lenders improve the accuracy of their assessments and processing time by providing them with access to verified expenses.

Basiq in the news

Big banks stalling payments platform, say fintechs

"One way to look at it is if you're applying for a home loan, it will be much easier. A lender will be able to assess your risk profile based on your data and be able to get a better deal for you if you're in the lower tiers," Basiq CEO and founder Damir Cuca in the AFR.

product news

Announcing Bank Statements Upload Dashboard

Basiq’s Bank Statement Upload feature is now ready for use. Lenders can upload bank statements on a customer's behalf to generate a report on their financial position in two seconds.

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