Japanese cybersecurity company Trend Micro is launching an AWS-powered open banking solution in Australia. The name of the solution is Trend Micro Cloud One ‘Conformity’ and it will be Australia’s first automated open banking solution for secure data sharing. The banking solution offered by Tokyo-based Trend Micro, Conformity, will be in concurrence with the Consumer Data Right (CDR) launched by the Australian Competition and Consumer Commission (ACCC).
The CDR gives customers control over their own data along with the ability to share this data with third parties they trust. It allows customers to manage and monitor their utilities, finances and other services. The ACCC introduced CDR for the banking and finance sector earlier in July. It will be introduced in other sectors of the economy, like energy and telecommunications, later.
SEE ALSO: ACCC-backed Consumer Data Right for open banking goes live
Conformity – Trend Micro’s Open Banking Solution
Conformity is built using Amazon Web Services (AWS) and is designed to simplify the ability of the customers to use secure open banking services. The solution will also allow customers to compare and switch between services and products.
Additionally, Conformity by Trends Micro allows auditors and companies automatic and continuous testing of controls that the accredited data recipients are required to have in one place. The automated configuration of the infrastructure will be aimed at speeding up the process and reducing the cost involved in the accreditation requirements for Accredited Data Recipients in Australia.
Trend Micro says, through the solution, customers will get access to a real-time perspective of their adherence and improved security of sensitive data which will support the compliance of the audit requirements of the open banking rules and regulation in Australia.
Trend Micro’s collaboration with Amazon Web Services (AWS)
Trend Micro has been a part of the AWS Partner Network (APN) since 2012. Michael Watts, VP of product conformity at Trend Micro, says they are proud to be of assistance to help data recipients meet and report on their audit requirements. Mr Watts adds that their collaboration with AWS will aid them in delivering scalable security solutions that will remove friction from procurement and day-to-day operations.
Andrew Boyd, head of digital-native business for A/NZ at AWS, says AWS has exceptional experience in working with customers having well-defined compliance requirements that need to be met by financial institutions. The collaboration with the cybersecurity company to launch the open banking solution in Australia is a welcome decision, says Mr Boyd.
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Amazon Web Services: Tony Webster from Flickr