May 20, 2020
Innovo revolutionises approach to Australian Open Banking Legislation with easy to deploy solution built on MuleSoft
Innovo, an Australian leader in technology consulting, testing and software engineering today announced the launch of their Australian Open Banking Solution API Platform that allows banks and financial institutions to easily deploy a full CDR compliant solution.
This platform, built on MuleSoft’s Anypoint Platform™, provides an easy-to-deploy system and interface that will enable financial institutions to easily unlock new digital banking services and comply with the upcoming Consumer Data Right (CDR) legislation.
The Australian CDR legislation is set to roll out on July 1 2020 and will dramatically change the Australian banking and payments ecosystem, similar to the UK’s PSD2 and other open banking legislation around the world.
Innovo’s Australian Open Banking Solution is designed to dramatically lower the cost of compliance by enabling API reuse, speed up compliance, reduce complex API and connectivity structures while allowing extended data transfer capabilities that open up new digital services with third party providers.
“Realistically, banks and financial institutions will be challenged to achieve compliance by July 1 2020, given the current environment and global pandemic responses. They are also under increasing pressure to improve protection for online payments, encourage innovation in payment services, engage customers better, and make cross-border payments safer,” comments Paul Thorley, Chairman of Innovo.
“Innovo’s market-ready approach enables banks and payment service providers (PSPs) to refine their initial open banking or CDR strategy, adapt their offerings to the new payments landscape, and then meet the CDR compliance requirements.”
Innovo’s Open Banking Solution, built on MuleSoft Anypoint platform, represents a highly scalable, resilient API-led solution capable of significantly increasing revenue, reducing risk and meeting compliance standards with ease of deployment.
“Given the current market situation, amongst global pandemics and economic uncertainty, now is the right time for banks and financial institutions to look for easy-to-deploy solutions to meet compliance standards,” comments Marc Caltabiano, Vice President, Australia and New Zealand, MuleSoft.
“There is also a great opportunity for banks to use these economic conditions, and the MuleSoft and Innovo technology to turn CDR legislation into a catalyst for accelerated digital innovation. We’re moving at lightspeed across major changes now, and banks need every solution to increase revenue and improve customer service,” concludes Caltabiano.
MuleSoft’s Anypoint Platform helps organizations unlock the power of API-led connectivity, enabling organizations to connect data from any system – no matter where it resides – to deliver truly connected customer experiences. With Anypoint Platform, organizations can realize speed, agility and innovation at scale.
ABOUT INNOVO TECHNOLOGY SOLUTIONS:
Innovo began disrupting the software development and testing industry across Australia and New Zealand in early 2017 with a focus on providing best-of-breed technology delivered by expert Testing, DevOps and Project Management professionals. Innovo’s people bring deep sector-focused knowledge to client projects, to help them mitigate risks, lower total cost of operations and open up revenue streams out of their technology investments. Innovo’s agile methodologies and technology partnerships can connect customers to provide on-demand technology solutions with deep expertise and trusted delivery.
About Anypoint Platform
MuleSoft’s Anypoint Platform™ is the world’s #1 integration and API platform. It uniquely allows organizations to use API-led connectivity to unlock their data, empower their business with productized APIs, and create connected experiences, faster. Anypoint Platform is the only solution that offers a single, unified platform for iPaaS and full lifecycle API management, both on-premises and in the cloud.
MuleSoft is a registered trademark of MuleSoft, Inc., a Salesforce company. All other marks are those of respective owners.
Join our upcoming webinar on Open Banking & CDR in Australia and learn how to to capitalise on your technology investments and benefit from compliance.