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Check Open Banking Readiness with ACSISS Bank Feeds

Overview: 

  • Learn to check whether your bank supports Open Banking.
  • Check whether your bank supports Consumer Data Right (CDR). Visit the ACSISS My Data page to view a list of supported banks. 

Note: You'll need to install ACSISS Connect from Microsoft Appsource before you can set up ACSISS bank feeds in Wiise Australia. 

ACSISS Bank Feed Type Comparison 

Wiise currently supports Consumer Data Right (CDR) flow and ACSISS Direct Data bank feeds to streamline financial management and improve data accuracy for Australian businesses.

Consumer Data Right (CDR)

The Consumer Data Right (CDR) is a secure Australian framework that allows you to share your banking data with trusted third parties. With CDR bank feeds via ACSISS: 

  1. You can provide online consent directly through Open Banking, without paperwork. 
  2. Consent is valid for 365 days and can be renewed easily. 
  3. Data flows securely reducing delays and manual intervention. 

Direct Bank Feeds 

ACSISS Direct Data bank feeds allow your bank to send transactions directly into Wiise. However, this process: 

  1. Requires completing, signing, and emailing forms to your bank. 
  2. May take up to 10 business days for approval. 
  3. Once approved, consent remains active until you revoke it. 

Tip: CDR Bank Feeds is the recommended and preferred method. 

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Reference: https://acsiss.com.au/business-central/

Key Benefits of Using CDR 

  1. Faster setup with no paperwork. 
  2. Secure and compliant with Australian data-sharing standards. 
  3. Simplifies consent management through online renewal. 
  4. Preferred method to ensure timely and reliable bank data in Wiise. 

Note: When completing the CDR check, you’ll be asked to log in to your bank and approve access. This approval allows your banking data to be shared for one day only, so we can confirm whether your bank is ready for CDR (Open Banking). You’ll also be able to review the accounts being shared before confirming.

Here are the steps to a CDR Ready check: 

  1. Go to CDR Ready by SISS Data Services and select Get started. 
  2. You’ll be directed to the website.

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  3. Once you initiate the process, there are three steps you’ll need to complete. These are Connect, Consent and Confirm.  
  4. Before you begin, you’re requested to provide your email or phone number for verification purposes.  
  5. The Connect page displays.  

    Note: The Connect page requires you to provide your details to enable the CDR Ready service.  
  6. A six-digit verification code is sent to your email or phone number.  

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  7. Enter the six-digit verification code and select Verify to continue. 
  8. Once verified, the Consent page displays.  

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    Note: The Consent page requires you to give CDR Ready by SISS Data Services permission to securely connect with your bank and see your accounts. Read the information provided.  
  9. Select Start to consent.  
  10. How to share your data page displays.  

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    Note: To share your data, you’ll need to give consent, connect your bank account, and confirm which bank to share from. 
  11. Select Continue. 
  12. Data Request page displays. 

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    Note: It’s a one-time request to confirm you own the bank accounts, with limited, temporary access to your data. 
  13. Enable the Account balance and details toggle.  
  14. Then, select I Consent to continue.  
  15. The Choose Your Bank page displays.  

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    Note: You’ll need to confirm if you’re connecting to a personal bank account or something more complex such as business, trust, or superfund. 

    Note: If you’re unable to find your bank in the list, select the search icon and enter the bank name you’re looking for.  
  16. You’ll be directed to a secure customer portal to login.  

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    Note: Your ID won’t be shared to ACSISS or SISS Data Services.  
  17. When you’ve successfully logged in, you’ll need to confirm sharing your data. 
     
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    Note: Please note that the sharing period is limited to one day. You can view the accounts you’ll share. 
  18. Select Confirm sharing.  
  19. Once processed, the Confirm page displays.  

    Note: If all your accounts appear on the screen, they are CDR Ready. If any are missing, select No, not all my accounts are here and you’ll be guided to connect them through ACSISS Direct Data. 

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    Note: Related Articles link display. Read through the instructions provided for your bank account to become CDR Ready.  
  20. When you see all your bank accounts displayed, select the option Yes, all of my accounts are here. 

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    Note: You have the option to Check Accounts for another Bank to add. You’ll first be directed back to the Choose Your Bank page, and once you’ve selected your bank, you'll be directed to the secure portal to log in. 
  21. Select I’m Done!. 
  22. A message box displays that you’ve checked your accounts using the CDR Ready portal.  
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  23. Select Exit to close the process. 
  24. This process logs you out of the CDR Ready portal.   
  25. You’ve checked that your bank supports CDR. 

Note: Having issues conducting the CDR readiness check? Get help from the ACSISS Help Centre. 

 

What’s next? 

Find out how to read your ACSISS Bank Feed Status.  

 

Having trouble?

 

Need more help?    

No problem, that's what we're here for. Reach out to support@wiise.com anytime you can't find what you're looking for.