Moneysoft turns on CDR data tap

Moneysoft, a wealth and advice technology developer, has announced its platform is now capable of ingesting data in real-time from Australia’s Consumer Data Right (CDR) scheme, giving advisers, superannuation providers, and other users access to vital banking data concerning their clients.

With the new capability, users of Moneysoft’s personal financial management platform will have access to live ‘Open Banking’ data, including clients’ bank transactions, made accessible via a secure API.

Moneysoft chief executive Jon Shaw said Open Banking data will serve as the “primary source of information” for its advisory platform.

Noting the company’s focus on financial wellbeing, Moneysoft said its platform will benefit from having ready access to clients’ transaction data, supporting advisers’ cash flow management and wealth tracking priorities.

“The starting point is to understand the consumer’s income and expenditure patterns, assets and liabilities. This requires access to bank transactions, which are run through an analytics program to generate insights,” the company said in a statement.

The new data feed would make the process of gathering client information more “streamlined and efficient” for advisers, providing them with “accurate and timely data”.

Clients will also have the authority to control access to their data, with Moneysoft confirming that the capability is “governed by the CDR’s revocable consent process and privacy rules”.

CDR rules dictate that consumers’ consent to access their data is “voluntary, express, informed, specific as to purpose, time-limited and easily withdrawn”.

Shaw said the platform’s ability to safely and reliably ingest “electronically delivered bank account data” would help advisers “build end-to-end customer journeys that solve problems in real-time, to help Australians budget, build wealth and save for their retirement”.

Dee McGrath, chief executive of retirement and superannuation solutions at Link Group, owner of Moneysoft, noted that super fund providers – who are now being actively encouraged by the Government to provide advice to their members – will notably benefit from streamlined access to CDR data.

“Superannuation funds have traditionally been wary of the risks associated with web-based methods of data sharing,” McGrath said.

“This proactive move by Moneysoft to use Open Banking removes a major barrier for those funds. It allows them to adopt an innovative technology solution that supports the delivery of quality financial advice, so Australians can have confidence in their retirement outcomes.”

Moneysoft teamed with data analytics company Envestnet/Yodlee, an accredited CDR data recipient, to deliver the capability.

The banking sector is the first cab off the rank for the CDR scheme – hence the unofficial moniker of ‘Open Banking’. The CDR will in due course be expanded to include the energy, telecoms, and superannuation sectors.