TrueLayer Quarterly: what we've been doing
As the first specialist open banking player in Australia with connectivity, the start of 2022 has been particularly special for TrueLayer and our clients.
The start of 2022 has been huge for all Consumer Data Right (CDR) players, but it's been particularly big for us at TrueLayer: we are now a live player in Australia!As the first specialist open banking participant here with connectivity, we have some exciting plans in motion for data-enabled payments (where we combine our Data API with payments to supercharge how we pay in Australia) and turning CDR data into decision-making insights. Here are some of the things we've been most proud of this quarter:
- Going live with our Data API, our first connection into the CDR ecosystem.
- Passing the final hurdle for full open banking accreditation, the Conformance Testing Suite or CTS, and became 'active' in the CDR Registry in February. If you're also on the journey, here's how we did it.
- We landed our first clients – the latest being MogoPlus. They're an Aussie-founded, UK insights-as-a-service company which turns raw data into decision insights.
- We're backing our team by entering FinTech Australia’s 2022 Finnie Awards in the Best Workplace Diversity category for 2022.
- And we hired our first sales and partnerships lead, Helen Keppe. Welcome Helen!
Leading the discussion around open bankingAs well as bringing a global perspective to Australian open banking, we're sharing new ideas and outlining where we can see the sector going in the future. We can do thanks to our local CDR specialists like Jodi, Rob Hale our head of ANZ banking, and former Westpac open banking expert John Harrison who is our product manager (data), all of who are at the cutting edge of open banking thinking in Australia.We value our relationships with our clients and industry partners and have organised an event on 28 April to discuss the CDR tipping point. And for those who are interested in knowing more about our platform, we have a virtual event presenting our Data API product on 5 May.These are the ideas we've been sharing, and the vision we've been able to outline thanks to our six years of experience doing open banking in the UK and Europe:
- Use cases: these are the 'how' of how you can use open banking in Australia. We've dived into wealth management and personal financial management, the rising sectors in Aussie fintech, and touched on ecommerce – one area which open banking is set to fundamentally transform.
- Data-enabled payments. PayTo is Australia's first foray into modern payments, but it'll be open banking which sets this sector on fire. Here's where we see PayTo fitting under the CDR umbrella.
- And we mentioned the new access models earlier but the CDR Insights are one pathway where we expect serious innovation to emerge from. Here's how.
- Do you need open banking data, or do you need decisions? We're thinking about the next step of the CDR: turning that wealth of data into useful decision-making information.