Moneysoft has announced its platform is now capable of utilising real-time data from Australia’s Consumer Data Right (CDR) scheme, to provide advisers and users access to banking data concerning their clients. With this new capability, users of Moneysoft’s personal financial management platform will be able to access live Open Banking data as a primary source of information, made accessible through a secure API. Moneysoft’s platform will benefit from having ready access to clients’ transaction data, supporting advisers’ cash flow management, and wealth tracking priorities.

For an effective insight into financial well-being, the starting point is to understand the income and expenditure patterns of the client as well as their assets and liabilities. This requires access to bank transactions, run through an analytics program to generate insights. The main aim of this new data feed is to make the process of gathering client information more streamlined and efficient for advisers and to provide them with timely data. Furthermore, clients will also have the ability and authority to control access to their data, as this capability is governed by the CDR’s revocable consent process and privacy rules. CDR rules dictate that consumers’ consent to access their data is voluntary, informed, specific as to purpose, time-limited, as well as easily withdrawn. Moneysoft’s platform’s ability to ingest electronically delivered bank account data could be beneficial to advisers as they can build end-to-end customer journeys that solve problems in real-time, helping Australians budget, build wealth, and save for their retirement. This capability by Moneysoft was put in place after the recent announcement by the Australian government, which stated that superannuation funds should play a central role when providing financial advice to clients. To implement this, Moneysoft joined forces with data analytics company Envestnet|Yodlee, an accredited CDR data recipient.

More about Moneysoft Based in Australia, Moneysoft is a wealth and advice technology developer. It offers various solutions for financial professionals working with their clients to help them understand the importance of cash flow while enabling them to take control of their financial well-being. Additionally, Moneysoft offers large-scale enterprise solutions, supporting businesses at every stage of the digital transformation journey, from off-the-shelf products to white labelling, and custom development through APIs.

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