BGL partners with Skript to offer CDR open banking
The integration enables data feeds from any bank to flow straight into BGL’s SMSF systems.
SMSF software specialist BGL is partnering with open banking intermediary Skript to enable users to make the most of the Consumer Data Right (CDR) initiative.
BGL managing director Ron Lesh said CDR empowered individuals and businesses to have greater control over their financial data and the partnership was an exciting development.
“This collaboration will connect Simple Fund 360 and Simple Invest 360 clients to the world of open banking and represents a significant leap forward in how BGL handles bank data feeds,” he said.
“It will enhance security, data quality and most importantly, the overall experience for our clients and their customers.”
Skript co-founder and CEO Eric Tsang said: “Skript’s partnership with BGL will transform the landscape of bank data feeds and give Australian businesses and consumers enhanced security and better quality data.”
“With over a decade of experience in providing bank data, we are well and truly at the forefront of driving systemic adoption of open banking in Australia.”
Head of BGL Simple Fund 360 Jeevan Tokhi said open banking allowed individuals to share banking data with accredited third parties. such as Skript.
“Account holders such as SMSF trustees who sign up to share their data through Skript can manage how Skript collects, uses and discloses their data and withdraw their consent at any time.
“The set-up process takes less than two minutes.”
“The integration between BGL and Skript will collect data from all Australian banks for transaction accounts, term deposits, loans and credit cards and feed it into Simple Fund 360 and Simple Invest 360. All banks will provide historical data and include open and closed accounts.”
“The BGL and Skript integration will replace the need for individual data feeds to be set up for every account, streamlining and simplifying the sharing of bank data for SMSF trustees and the collection of bank data for accountants or administrators.”
“SMSF trustees can authorise all of their accounts for multiple banks in one process without the need for paper authority forms.”
BGL said its free and open API was used extensively across the industry with more than 350 data feed and integration partners in the BGL Ecosystem.
BGL had more than 30 years’ experience delivering company compliance management, SMSF and investment software to more than 9,000 businesses in Australia and 15 other countries.
Australian-owned Skript was an accredited data recipient under the CDR with access to all Australian banks and extensive experience in banking, data, and payment services.
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