BGL Collaborates with Skript to Integrate Open Banking

Published 4 months ago

BGL Corporate Solutions, a leading provider of company compliance, self-managed superannuation fund (SMSF), investment management, and AI-powered paper-to-data solutions in Australia, has announced its strategic partnership with Skript, an Open Banking intermediary.

Open Banking and the Consumer Data Right Initiative

Open Banking, driven by the Australian Government’s Consumer Data Right (CDR) initiative, enables individuals and businesses to have enhanced control and transparency over their financial data. The Australian Competition and Consumer Commission (ACCC) accredits CDR data recipients.

The Impact of the Partnership on BGL’s Clients

The collaboration aims to link BGL’s Simple Fund 360 and Simple Invest 360 clients to Open Banking, representing a significant advancement in how BGL processes bank data feeds. It is expected to increase security, improve data quality, and enhance the overall client experience.

Skript, an Australian-owned business with extensive experience in banking, data, and payment services, develops accessible solutions that connect businesses to Open Banking.

Skript’s Role in Open Banking Systemic Adoption

“Skript’s partnership with BGL will transform the landscape of bank data feeds and provide Australian businesses and consumers with enhanced security and better quality data,” said Eric Tsang, CEO and Co-founder of Skript.

The Benefits of Open Banking Integration

Open Banking allows individuals to share their banking data with ACCC-accredited third parties, such as Skript. Account Holders like SMSF Trustees who sign up to share their data through Skript can manage how Skript collects, uses, and discloses their data.

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. This will replace the need for individual data feeds to be set up for every account, streamlining the sharing of bank data for SMSF Trustees and the collection of bank data for accountants or administrators.

BGL’s free and open API is used extensively across the industry with over 350 data feed and integration partners in the BGL Ecosystem, delivering a holistic experience to BGL clients.