apidays LIVE Australia 2021 - Accelerating Digital September 15 & 16, 2021 Empowering the fintech ecosystem with APIs Damir Cuca, CEO & Founder at Basiq

1. Basiq.
Open Banking
CY2021
1

2. 2
Basiq provides API services to acquire,
enrich and analyse
fi
nancial data.
+100 Connect to +100s of banks,
super funds and card issuers.
>200 Basiq supports +200 of
fi
ntechs,
banks and lenders
5 sec
Retrieve
fi
nancial data such as
account details, balances, and
transactions in real-time
+30 Basiq is used across multiple use
cases in a range of industries
OUR INVESTORS:

3. 3
CONSUMER DATA RIGHTS
Consumer Data Right
Consumer Data Right has been introduced in Australia to help people make the most of their data. It’s an opt-in service,
which means consumer can choose whether to use it or not. Consumer Data Right also delivers broader bene
fi
ts to
industry and to the Australian economy.
Banking
“Open Banking”
Utilities
electricity, gas etc.
Telco
mobile, internet etc.
Other
gov. , insurance,
super …
LIVE - PARTIAL ROLL OUT COMING SOON ONE DAY…

4. 4
CONSUMER DATA RIGHTS
๏ Run by Treasury, enforced by ACCC
๏ Participants must be accredited by ACCC
๏ De
fi
nes consent management rules
๏ De
fi
nes data and API standards
๏ Maintains an active register of all data holders
and accredited data recipients
SUMMARY
KEY FACTS
Data Holder
i.e. “Bank”
Data Recipient
i.e. App Developer
Consumer
i.e. Person
Register
Maintained by ACCC

5. New York
JULY
Australia
SEPTEMBER
Singapore
APRIL
Helsinki & North
MARCH
Paris
DECEMBER
London
OCTOBER
Jakarta
FEBRUARY
Hong Kong
AUGUST
JUNE
India
MAY
Check out our API Conferences here
50+ events since 2012, 14 countries, 2,000+ speakers, 50,000+ attendees,
300k+ online community
Want to talk at one of our conferences?
Apply to speak here

6. 5
• The use of Open Banking APIs provides consented
access to data contained in Deposit/Transaction
products & Lending products. This includes
information such as payees, account details, account
balances and scheduled payments
• There are 17 Banking APIs which include the following
1
2
3
4
5
6
7
8
9
10
GET Accounts
GET Account Balances
GET Account Detail
GET Transaction For Account
GET Transaction Details
GET Scheduled Payments
GET Payees
GET Payee Details
GET Products
GET Product Details
Source: https://consumerdatastandardsaustralia.github.io/standards/
#consumer-data-standards-banking-apis
What data is available through Open Banking?
OPEN BANKING
GET Account Detail

7. CUSTOMER
:
POCKETBOOK
Powering Pocketbook’s relaunch
with seamless user migration
The Basiq platform is built for scale,
ensuring Pocketbook can seamlessly
migrate +800,000 users and successfully
onboard new ones.
“We chose Basiq because we want to work with a
team that would provide local, dedicated support
and who we could trust to scale with us. The
great thing with Basiq is that they get our vision
and are dedicated to seeing us grow and achieve
that mission.”
Tamim Noorzad, Principal Product Manager @ Zip Co
6

8. CUSTOMER
:
UPSTREET
Real-time transaction data to
automate share rewards
Upstreet is an app that lets customers earn shares
with their favourite brands as they shop with them.
Using Basiq users can securely link their spending
accounts from +100 institutions which provides
real-time visibility into their spending. This enables
Upstreet to automatically process and add
relevant share rewards into a user's portfolio as
they happen.
7

9. CUSTOMER
:
GREENER
Powering Greener choices with
financial data
Greener combines purchases made over the last 12
months with expertise from the world’s leading climate
scientists, to instantly calculate the greenhouse gas
emissions associated with that purchase.
Using Basiq, Greener can gain access to enriched
transaction data on the merchant and expense
category of each transaction, making it possible to
provide Greener alternatives across all of a user's
purchases, whether it's buying clothes or eating out.
8

10. CUSTOMER
:
BEFOREPAY
On-demand early wages access &
financial wellness
Using Basiq, Beforepay can detect pay schedules
and expenses. From signup to loan approval,
Beforepay users can expect money within their
account - in 8 minutes.
Beforepay also focuses on the
fi
nancial wellness
of customers by helping them create a budget
that gives them an overview of income, spending
habits, upcoming bills and alerts them to how
much cash they have leftover to spend.
9

11. 10
DATA ACCESS METHODS OVER TIME
Single uni
fi
ed API
Open
Banking
Digital
Data
Capture
Data access
method
Single uni
fi
ed API
Data access
method
Open
Banking
Digital
Data
Capture
Single uni
fi
ed API
Data access
method
Open
Banking
Digital
Data
Capture
Current Next 12 months > 12 months

12. 11
OPEN BANKING
To get ready for Open Banking there are 6 areas that you should consider as you prepare to consume and use CDR data
1. User
Experience
2. Data
Governance
3. Security
4. Data
Coverage
What are the CX
guidelines for
Open Banking?
What are the rules
in holding and
managing data?
What are the
required security
standards?
Will I get su
ffi
cient
coverage via
Open Banking?
6. Additional
Obligations
Are there additional
requirements once I start
using Open Banking
data?
ACT NOW - PREPARE BY
TAKING ACTION
CONSIDER
APPROACH
5. Accreditation
What approach
should I take with
accreditation?
WAIT FOR NEW
ACCREDITATION
MODELS
WAIT & CONSIDER
APPROACH

13. 12
• A critical component of CDR is how consent is communicated
to consumers
• As a result, the Consumer Data Standards sets out
prescriptive guidelines on how the consent
fl
ow should be
presented through the stages of
1. Pre Consent
2. Authentication
3. Authorisation
• There are 5 di
ff
erent consent types which are independent of
each other
1. Collection Consent: what data you want to collect
2. Use Consent: why you need to collect it (primary use)
3. Disclosure Consent: sharing it with 3rd parties
4. Direct Marketing Consent: a form of “use content” where
it is used using it for direct marketing purposes
5. De-identi
fi
cation Consent: a form of “use consent” where
data is de-identi
fi
ed for research an disclosure (including
selling)
Source: https://consumerdatastandards.gov.au/guidelines-and-conventions/consumer-experience-guidelines
1 - USER EXPERIENCE

14. 13
1 - USER EXPERIENCE
CURRENT
Bank selection screen
NEW
Implement a Consent screen
CURRENT
Bank login screen
We need to collect and use your
banking data to provide our services
to you for the next 12 months
! Don’t Consent I Consent
Can we use your data to
help you save money?
Additional use
Your data will be used to suggest
additional offers provided third parties
Delete my data instead
What happens afterwards
We will de-identify your data when we
no longer need it
Transaction details
Data we need
This is so we can see how your
transactions and categorise them
Data request
Review the CX Guidelines as a reference
of how consent
fl
ow may need to work
for your business
Implement a consent capture screen that
takes into account the consent use types
you intend to use for Open Banking
ACT NOW - PREPARE BY
TAKING ACTION
• This will enable you to conduct A/B testing
and optimise the language and
fl
ow as you
prepare for Open Banking
• By doing this, you’ll be able to transition to
Open Banking with key learnings and shorten
development timeframes in extracting value
from Open Banking
Checklist

15. 14
2 - DATA GOVERNANCE
๏ Collection of Consent purpose
๏ Collection of Consent time period
๏ Consumer Dashboard
๏ Consumer noti
fi
cations of consent changes
๏ Ongoing noti
fi
cation (if review > 90 days)
ACT NOW - PREPARE BY TAKING ACTION
CDR CONSENT MANAGEMENT
REQUIREMENTS FOR ACCREDITED DATA RECIPIENTS
For businesses using Open Banking data, consent dictates requirements on data governance in relation to the collection, use and
disclosure of CDR data
Ensure consent data is captured and managed within
the CDR consent framework
Ensure Consents are valid for no longer than 12 months
Ensure data can be anonymised and can be “deleted” at
the consumer’s request
Develop best practice and ensure data is only used for the
purposes upon which it was requested and consented for
Develop and communicate a policy of how redundant
data is treated
Checklist
KEY FACTS

16. 15
3 - SECURITY
There may be a requirement to uplift your security posture
PART 1: Documentation/Narrative
The boundaries of the CDR data environment are assessed,
de
fi
ned, documented, and periodically reviewed in relation to:
• Organisation & People
• Processes
• Technology Security platform
PART 2: Controls Evidenced
Controls are in place for the CDR data environment in relation to:
• Limiting the risk of inappropriate or unauthorised access
• Securing network and systems
• Securely manage information assets
• Have a formal vulnerability management program
• Preventing, detecting and removing malware
• Have a formal information security training
ACT NOW - PREPARE BY TAKING ACTION
Outline the security of CDR data and destruction or
de-identi
fi
cation of redundant CDR data
De
fi
ne and implement security governance in relation
to CDR data
De
fi
ne the boundaries of the CDR data environment
Have and maintain an information
security capability
Implement a formal controls assessment
program
Manage and report security incidents
Checklist
Source: https://www.accc.gov.au/focus-areas/consumer-data-right-cdr-0/cdr-accreditation-guidelines

17. 16
4 - DATA COVERAGE
When accessing Open Banking data, consideration needs to be given to data coverage
• The CDR Regime only requires Australian Deposit Taking Institutions (ADIs) to share data via Open Banking
• There may be instances where data from non-ADI
fi
nancial institutions are important for your business model
• There are exemptions in place for some ADIs for the 3 di
ff
erent phases (Source: https://www.accc.gov.au/public-registers/consumer-data-
right-exemptions-register)
•
CONSIDER APPROACH
Review who is currently sharing data via Open Banking
(https://www.cdr.gov.au/
fi
nd-a-provider) to determine if
Open Banking provides you with requisite coverage
Consider using a complementary approach to Open
Banking for those that are not currently sharing data to
optimise coverage
Checklist
๏ Only ADIs are required to share data (144 ADIs
according to APRA)
๏ Non-ADIs are not required to share data
๏ Currently 31 ADIs are currently sharing data
๏ There are exemptions in place for some ADIs
that delays the roll out of the di
ff
erent phases
of account types
CDR OPEN BANKING REGIME
KEY FACTS

18. 17
5 - CDR ACCREDITATION - ACCREDITED DATA RECIPIENTS
In order to use Open Banking, organisations are required to be accredited by the ACCC
• Only full accreditation is available at the moment. The accreditation
process can be extremely time consuming and costly
• The Government has acknowledged that only allowing access to
Open Banking for fully accredited businesses is restrictive
• As a result there is support for new pathways for participation in
the CDR with 5 proposed models by Treasury as outlined in the
the Exposure draft of the Competition and Consumer Amendment
Rules (No.1) 2021
WAIT FOR NEW ACCREDITATION MODELS
Wait for the proposed accreditation models to be
fi
nalised
Checklist
• This will likely be
fi
nalised in the next 2-3 months
• The
fi
nalised accreditation models will enable you to fast track
access to Open Banking

19. 18
5 - CDR ACCREDITATION
• While the 5 models proposed are a step towards encouraging
greater participation, they are quite complex.
• The table to the below shows the proposed models in relation to
Liability, Data Collection, Data Access and Data Usage
• The levels of responsibility, liability and data accessibility varied
greatly amongst the proposed models and added undue
complexity
Party Liability
Data
Collection
CDR Data
Access
Data Usage
Accredited Data Recipient
(Full)
Self ✓ ✓ ✓
Accredited Data Recipient
(Sponsor)
Self ✓ ✓ ✓
Unaccredited Outsourced
Service Provider
ADR (Full) ✓ ✓ ✕
Affiliate of Sponsor Self ✕ ✓ ✓
CDR Representative
ADR
(Principal)
✕ ✓ ✓
Trusted Advisers Self ✕ ✓ ✓
•
Exposure draft of the Competition and Consumer (Consumer Data
Right) Amendment Rules (No. 1) 2021
• In a response to the Amendment Rules, Basiq has submitted a
response and proposed a single “Consumer Service Provider”
model based on 4 principles:
• CDR data should be able to shared with non ADRs
• ADRs that require direct access and communication with Data Holders
should continue to be regulated
• ADRs should be responsible for educating 3rd parties on data security &
governance
• Each party should ultimately be responsible for their actions in the handling
of CDR Data
OPTIONAL - DEPENDING ON CUSTOMER MATURITY

20. 19
6 - ADDITIONAL OBLIGATIONS
Depending on how you use Open Banking data will determine
whether there are reciprocal data holder obligations
Any
fi
nancial institution (ADIs & non-ADIs) that uses Open
Banking data to o
ff
er Deposit & Transaction Products or
Lending Products is considered a Data Holder in the Open
Banking regime. Therefore:
1. All ADIs are Data Holders
2. If you consume Open Banking data and you use this to
o
ff
er any of the following products, you become a
Reciprocal Data Holder
https://www.accc.gov.au/focus-areas/consumer-data-right-cdr-0/compliance-guidance-
for-data-holders-in-the-banking-sector
WAIT & CONSIDER APPROACH
Con
fi
rm if you intend to use Open Banking data to o
ff
er any
of the products in Phases 1-3
Checklist
https://www.cdr.gov.au/sites/default/
fi
les/2021-01/
CDR%20phasing%20table%20-%20January%202021.pdf
If Yes, then understand the requirements of being a
Reciprocal Data Holder. This will include items such as
exposing data (account, transaction and product) to ADRs,
data governance, authorisation management services and
consent management services

21. 20
THE USE OF CONSENT IN LENDING - (PERSONAL LOAN EXAMPLE)
Acquisition Assessment Management Servicing Collections
• Income & Expense
veri
fi
cation
• Assess a
ff
ordability
• Assess ongoing
a
ff
ordability if application
not successful
• Income & Expense
veri
fi
cation
• Assess a
ff
ordability
• Assess ongoing
a
ff
ordability if application
not successful
One-off
Consent
Ongoing
Consent
• Accelerate the ability to
understand your
customer to provide
personalised services
• Identify Up-sell/Cross-
Sell opportunities
• Ability to develop new
product/service ideas &
partnerships with 3rd
parties
• Detect changes in
fi
nancial position that
may impact servicing
• Proactive engagement
with customer to
increase or decrease
payment schedule
• Payment Smoothing
• Rules and event based
payment initiation
• Asses
fi
nancial position
to develop a Collections
payment schedule
• Rules and event based
payment initiation
Typically used to make
a credit decision
Enables an understanding of
the customer to create value
added services
• Use insights from your
customers to attract new
customers with your
marketing eg, look-a-
likes

22. New York
JULY
Australia
SEPTEMBER
Singapore
APRIL
Helsinki & North
MARCH
Paris
DECEMBER
London
OCTOBER
Jakarta
FEBRUARY
Hong Kong
AUGUST
JUNE
India
MAY
Check out our API Conferences here
50+ events since 2012, 14 countries, 2,000+ speakers, 50,000+ attendees,
300k+ online community
Want to talk at one of our conferences?
Apply to speak here