The partnership will connect SMSF clients to open banking and better data feeds.
Open banking, driven by the Australian government’s Consumer Data Right (CDR) initiative, empowers individuals and businesses to have greater control and transparency over their financial data.
CDR data recipients are accredited by the Australian Competition and Consumer Commission.
BGL managing director Ron Lesh said the partnership with Skript represents a significant leap forward in how BGL handles bank data feeds.
“It will enhance security, data quality and most importantly, the overall experience for our clients and their customers,” he said.
Skript is an Australian-owned and operated business with extensive experience in banking, data, and payment services.
Eric Tsang, CEO and co-founder of Skript, said the partnership with BGL will transform the landscape of bank data feeds and give Australian businesses and consumers enhanced security and better-quality data.
Jeevan Tokhi, head of Simple Fund 360 at BGL, said open banking allows individuals to share their banking data with third parties, such as Skript, that have been accredited by the ACCC.
“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 setup process takes less than two minutes,” he said.
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.
