Open Banking Data Holder - Pre-Workshop Technical Checklist

So, you’re on the Open Banking ‘Data Holder’ train and are aware of the requirements coming your way as a Non-Bank Lender.

What comes next? 

What should you do with your one-way ticket to (firstly) Consumer Data Right (CDR) Compliance, but then - once past that hurdle - all of the exciting, sexy things that Open Banking then offers you as a Data Recipient (on the other side)?

But, first things, first. Let’s get the Data Holder piece out of the way.

Questions For non-Bank Lenders

As a non-Bank Lender, how do you chart the course for your project and how do you know how ready you are to embark on the voyage?

Fear not, Open Banking-faring comrades, Wych has sailed these oceans many times before and we’ve compiled another (yes, another - the first one is HERE) free checklist to help you ensure you get things right first time around.

Technical Considerations For Data Holders

Wych’s unique position as a consumer of Open Banking data (as an Open Banking ‘Data Recipient’) and a provider of Data Holder (and Data Holder Testing) solutions, means we get to see everything from a CDR data perspective - and, boy-oh-boy, have we seen it all.

The good news is that the overall quality of Open Banking data is now exponentially better than when it first went live back in 2020.

It also means that we know exactly which technical levers will help Data Holders ensure they get their DH solution ‘right’ (and, by that, we mean compliant, complete, and at the first time of asking). 

And so, without opening the kimono too much and revealing the secret-sauce of one of the key pillars of our unique Open Banking ‘triple-threat,’ these are the key areas that we recommend getting au-fait enough with to start “readying the boats.

Technical Checklist

1. Consumer Authentication

2. Consent Management

3. Administration

4. Data Sources, not forgetting  those that you will use to provide your product information. 

5. Integration

6. Identity

7. Security

8. System Availability

9. Branding

10. Customer Support and Staff Training

Some of these items require more work / time than others, and this is without deep-diving into the technical architecture (more of that in our next / subsequent post), but hopefully it provides some guidance and perhaps even the starting of a framework to begin mapping out your Data Holder project.

And, remember, should you require us, Wych will be there supporting you on every step of the journey.

Wych are currently working with new / impending Data Holders at every stage of readiness, whether it be:

• the pointy end of a deep technical scoping workshop,

• project kick-offs with early-adopting Non Bank Lenders

• Data Holder strategy sessions with those just getting started.

A free consultation / session will cost you nothing more than a branded t-shirt. Email ben@wych.it to get cracking.