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Case Study

Financial Services

One of the largest independent payment providers achieved compliance with Cassie

Financial Services - Our Client

Our client:

For more than 50 years, our client has provided their customers with innovative and reliable payment solutions.

They are considered to be one of the largest independent providers of payment solutions in Australia, with the widest range of products and services including Open Banking.

Under Open Banking, consumers and businesses can consent that the data held about them is shared with accredited recipients for the purpose that the consumer or business has authorized.

 

Fast facts:

Industry
Banking and Financial Services

Region
Australia

Key Regulations
The Privacy Act, APRA (Australian Prudential Regulation Authority) and Consumer Data Right (CDR)

Products
Consent Management Platform (CMP)

Financial Services - Their Challenge

Their challenge:

Simply holding customer data no longer provides a business with a competitive advantage.

Their Open Banking platform, built to enable banking partners and customers to share data with accredited recipients needed a vendor that could provide a solution to compliantly manage their customers’ preferences.

By successfully managing their customers’ preferences, our client would be able to:

  • Ensure compliance
  • Deliver personalized product experiences
  • Meet the regulatory Consumer Data Right (CDR) rules
  • Service many different customer and stakeholder types

What’s the solution:

  • Provide a complete consent and preference management platform
  • Identify data subjects and use matching rules to allocate a persona for a particular visit or engagement
  • Provide customers with a complete picture of their financial data
  • Deliver tailored recommendations/services based on an accurate picture of the customer 
  • Deliver to an ambitious timescale
Retail header blue, man smiling.
Financial Services

How we helped:

Obtaining, storing, verifying, revoking, renewing or expiring consent is complex and requires strict compliance with industry and regulatory standards. Our client chose to partner with us on this initiative due to the platform’s flexibility.

We were the only CMP provider that could handle their high volumes of data in real time. In fact, our API-driven solution is capable of handling 40,000 transactions per second.

Our client required a solution which could manage hundreds of millions of data subjects and billions of preferences. Our capabilities far exceeded those of our competitors in this respect.

We successfully managed our client’s complex consent use cases by aligning Cassie’s data structure with that of our client.

The results bar chart icon.

The results:

Their Open Banking services now comply with the security requirements of the Australian Prudential Regulation Authority and all the data privacy legislations that affect them.

Under the Consumer Data Right (CDR), accredited data recipients now have centrally recorded explicit customer consent to collect and use data from a data holder in order to provide the customer with a specific product or service.

Cassie controls the customer consent for their Australian banking partners who have been requested to share their financial records with other organizations.

Financial Services Case Study

Our client can now:

  • Meet the evolving compliance requirements
  • Safely and securely share consumer data
  • Efficiently manage customer consent preferences
  • Maintain customer privacy
  • Deliver personalized experiences
  • Make better product recommendations by identifying more of their customers

’We needed a fast, easy-to-deploy privacy solution and Cassie delivered on that promise. We chose Cassie because of their ability to handle multiple customer types, multiple relationship types and preferences at the granular level regulations require.’’

Project Leader