Australian challenger bank, Xinja, has contracted with Siss Data to use its subscription-based product data API which will allows the bank to quickly comply with Consumer Data Right regulations without having to develop its own API.

The initial phase of CDR has financial institutions sharing product data such as features, interest and fees, according to a report in Finextra, to help consumers make better informed decisions about financial products and services.

By October 2020, non-major banks and ADIs must comply with CDR regulations and release product data to the market.

"Siss is already well established in sharing customers' banking data through pre-CDR channels and has mature controls for keeping data safe," Xinja CIO Greg Steel said in the report. "However, what really attracted us was that Xinja and Siss, along with partners like private data sharing platform digi.me and ID Exchange, are well aligned in vision; looking beyond CDR to putting data fully into the hands of customers and helping them control access."