86 400 moves on open banking
86 400 has used its existing cloud-based core banking platform to launch a service that uses open banking product data, proving customer access to a real-time comparison data on interest rates.
By pulling product data made available by participating banks under the consumer data right, 86 400’s customers will be able to compare interest rates in a simple, trusted and visual way.
The neobank claims it is the first consumer service to be rolled out of open banking.
“We believe this is the first example of open banking product data being used to provide Australian consumers with greater transparency and choice,” 86 400 CEO Robert Bell said.
86 400 has also published APIs for its deposit and lending products, which are now available to developers.
The provider for 86 400’s core banking platform is Data Action and the neobank is the first the use the firm’s open banking solution.
Bell said the bank is now proactively looking for more opportunities to build similar products and features.
It will be interesting to see how 86 400 customers embrace open banking initiatives.
Digital bank Up has already garnered strong support for its APIs but with more than 650,000 transactions and balance updates made on the app each day, clearly 86 400 has an engaged cohort of customers.