Stryd

ICYMI, we've summarised the main discussion points from our recent event in Sydney on the topic of: "Unlocking More Choice for Consumers through CDR Data." Discover the insights of industry leaders Ruth Hatherley, Mike Page, Lance Goodman and Sam McCready. 🤜 It's time to shift the thinking on #CDR. #openbanking #ConsumerDataRight #fintech #mortgages #mortgagebroking

Part of our role in helping our customers help Australian consumers is to provide education around the safety and value of the #ConsumerDataRight #CDR. Today we launched our CDR Consumer Education page on our Stryd website. Just another step forward in supporting faster product and pricing choices for Australian consumers through our amazing partners and customers distributing and originating home loan products. Take a look here - https://lnkd.in/gSB42Dxq

We've got a new white paper to share! This free to download 30-page report delves into home loan Product Reference Data (PRD) provided by Australia's banks under the #OpenBanking regime. 💎 This data is a hidden gem! With immense value waiting to be unearthed by those willing to dig a little deeper, like our clever team at Stryd and our powerful proprietary tools that run on 2,000 lines of code, 17,700 lines of business rules, and 318 filters. The end result is our Stryd Product Repository, a treasure trove of information on 1,800+ home loans with all the pricing and risk information you need in one place. There is more work to be done to refine the data standards and help the banks to deliver data that truly sparkles! That's why we're referring issues to the ACCC for the greater good, so together we can all help to power financial decisions and support the #ConsumerDataRight's goals of enhancing consumer choice, convenience and confidence. And that's the focus of this new white paper titled: ‘Digging Deeper to Unearth Open Banking’s Hidden Gem.’ 👉 Download your copy here: https://lnkd.in/gtjB3J3s #CDR #FinTech #ProductReferenceData #Mortgages

Open finance is coming to Australia! 👉 We've got more details on the timeline for non-bank lending coming into the #ConsumerDataRight. To recap, at the CEDA - Committee for Economic Development of Australia breakfast in Sydney on 9 August 2024, Minister Stephen Jones announced that #CDR will designate non-bank lending in early 2025, for it to be operational by mid 2026, to provide a sufficient transition period. Now, the draft rules published in November include the updated timing for the CDR data sharing obligations to take effect. In a nutshell: 1. Product data sharing obligations will apply from 13 July 2026. (But there's no reason to wait! As we cover in our blog, there are benefits to sharing this data from the earliest possible date: 🔖 Read "Boosting the non-bank lender toolkit" - https://lnkd.in/gnmMG8Xp) 2. Consumer data sharing obligations will come in four phases from 9 November 2026 until 13 September 2027, beginning with the largest non-bank lenders and non-complex data requests. Consideration has been given to timing that aligns with when relevant Data Standards may take effect. #OpenBanking #OpenFinance #OpenData #FinTech

With non-bank lending set to come into the #ConsumerDataRight from 2025 onwards, the Stryd Product Repository will get even better! Non-bank lender data holders will have to share Product Reference Data (PRD) for home loans. The Stryd team are experts in turning that data into a valuable tool for mortgage brokers, aggregators and lenders to scan the market and compare product and pricing data. Bringing non-bank lending into #CDR will facilitate more informed consumer engagement with banks and non-bank lenders, leading to improved financial outcomes for borrowers. It will also increase the availability of data, which can be used for #FinTech innovation, and help consumers to understand and manage their finances. We're excited that Treasury has released the revised rules for consultation, with submissions due on or before 24 December 2024. ➡️ More information here: https://lnkd.in/g2GcuRVc #OpenBanking #OpenFinance #OpenData #Mortgages

Thank you FinTech Australia for featuring Stryd in "Five Fintechs on Friday"! ➡️ Stryd into the future of home loans! Stryd leverages open banking data to accelerate the time to yes for a home loan. By democratising data, Stryd’s powerful APIs automate manual processes and speed up workflow, for the benefit of borrowers, brokers, aggregators, banks and non-bank lenders, as well as powering product offers for consumer websites. Borrowers have confidence they are on the best interest rate, mortgage brokers spend more time with clients adding value, and aggregators and lenders maximise new business opportunities in a highly competitive market. The flagship Stryd Product Repository drives that difference. It’s a risk-based product and pricing tool that supports digital home loan origination and trail book retention. ➡️ Read the full feature here: https://lnkd.in/geQ2Kcwq #FinTech #OpenBanking

As our lead software developer Eugene Scully writes in this blog article, #OpenBanking’s Product Reference Data (PRD) is a treasure trove of information! For home loans, it covers the key features of a bank lender’s mortgage products, such as interest rate, comparison rate, constraints, fees and features. Additionally, PRD is a faster, more accurate and sustainable method of obtaining this information than web-scraping or receiving static product files from lenders. However, using it presents some challenges, because of the way the data is served up by some of the banks, as we noted in our white paper published back in April. So how do we turn PRD into the Stryd Product Repository? With 2,000 lines of code, 17,700 lines of rules, and 318 filters! 💻 The end result is usable and reliable data. If there's any doubt, it's excluded, to safeguard the quality of data we supply to mortgage brokers, aggregators and other end users. ➡️ Read Eugene's blog in full, here: https://lnkd.in/gtyfzcmH #FinTech #ProductReferenceData #OpenData #ConsumerDataRight #CDR

How can we ensure data quality in Australian #OpenBanking's product reference data (PRD)? In our latest blog on the Stryd website, our resident data scientist Kristi Salmi unpacks the findings of the ACCC's recent targeted compliance review. She also recaps some of the content of our white paper published in April earlier this year. ➡️ Read Kristi's blog here: https://lnkd.in/g6d6iiJ6 We'll put a link to our white paper in the Comments. ⬇️ #OpenBanking #ProductReferenceData #ConsumerDataRight #OpenData #FinTech

With the government having updated the #ConsumerDataRight Rules this week, our Founder & CEO Ruth Hatherley spoke with Annie Kane at The Adviser Magazine about the benefits for #MortgageBrokers and their clients. ➡️ Read the full article here: https://lnkd.in/gcB3zeKn #OpenBanking #CDR

In 2025, CDR is striding ahead to include Non-Bank Lending! Earlier this week, Treasury’s #ConsumerDataRight Engagement team flagged that they expect to release the latest draft of #CDR Rules for Non-Bank Lending in the next few weeks, with consultation responses due before Christmas. We're ready for it! Are you? To help Non-Bank Lenders understand the importance of being ready to share Product Reference Data, Team Stryd has authored a blog. ➡️ Read it here: https://lnkd.in/gnmMG8Xp #OpenBanking #OpenFinance #FinTech