The Basiq CDR solution provides consumers with greater access to, and control over their financial data, providing insights on spending and income in an easy to understand and structured form.

Why we need you to share your data

Basiq accepts requests directly from you (the consumer), to voluntarily share your banking data - to provide services as follows:

  • Data Aggregation and Enrichment: your shared financial data is aggregated, enriched and demystified to provide a single view of your finances - across each of your banks

  • Spending Insights: your shared financial data is analysed to provide insights into spending, including the category of spend

  • Income Insights: your shared data is analysed to identify your income steams including surfacing patterns around regularity and stability

  • Affordability Report: insights above are presented in an easy to read PDF report

What details you share with us

Account Details

  • product category, account type and product name ( e.g. TRANS_AND_SAVINGS_ACCOUNTS, termDeposit, 90 Days Deposit)

  • BSB and account number / masked number

  • account nickname

  • account status

  • account holder / display name

  • account owner (true/false)

  • account meta data (e.g. credit cards, term deposits, loans)

Balance Details

  • current balance

  • available funds

Transaction Details

  • status (pending / posted)

You are in control of your data

What we do with your data

Basiq will use your data for the purpose agreed - to provide Affordability insights, and will also ensure the following:

  • will not on-sell your data to anyone.

  • will not provide your data to any third party without telling you first and asking for permission.

  • You may be required under Australian Law to retain some de-identified data and data insights.

  • will delete your personally identifiable data once your consent expires.

  • will provide a dashboard for you to revoke your consent at any time remove data immediately.

In sharing your data with Basiq, you agree that:

  • data insights provided to you, may not be used to reverse engineer or replicate data attributes or data models including the enrichment and categorisation process or to create competing products.

  • your aggregated and de-identified bank transactions may be used to train and improve our machine learning models to provide better insights back to you.

Manage your data consent

Basiq provides a secure Dashboard where you can view and revoke the consent you have provided.

Manage your consent to share your data

  • Access it anytime via our Consumer Consent Dashboard will be available once Basiq is an active ADR.

Stop sharing

  • You can go to Basiq’s Consent Dashboard at any time to revoke consent and stop us using your data for the agreed purpose.

Data deletion

  • Once your consent expires or you want to stop sharing your data then all personally identifiable data will be deleted.

Security of your data

Basiq’s approach to data security is designed to protect you as a consumer. The Basiq CDR solution is built and maintained to follow best practices in keeping your data secure when you have shared it with us. Basiq monitor every activity, and continuously invest in security upgrades, so we protect you and your data.

Secure Environment

  • The Basiq physical infrastructure is hosted and managed in an ISO 27001, SOC 1 & SOC 2, PCI Level 1, FISMA Moderate and SOX certified data centre.

Multi-factor authentication

  • Two-factor authentication and strong password controls are required for administrative access to systems.

Restricted network access

  • Firewalls are utilised to restrict access to systems from external networks and between systems internally.

Data encryption

  • Basiq stores data at rest using 256-bit AES encryption and use an SSL/TLS secure tunnel to transfer data between your app and our API.

Secure development practises

  • Basiq development follows industry-standard secure coding guidelines, such as those recommended by OWASP.

Realtime monitoring

  • Basiq conducts behavioural monitoring, vulnerability assessment, SIEM and intrusion detection to detect threats and keep our system safe and secure.

What happens if there is a security breach

Basiq maintains a Data Breach Response Plan - Basiq can provide a copy of this policy on request

If a security breach occurs we:

  • Contain the data breach to prevent any further leak of personal information.

  • Assess the data breach by gathering the facts. Then check the risks or potential harm to affected members and take action to reduce any risk of harm.

  • Review the incident and consider what actions we can take to prevent future breaches.

Third parties

  • Basiq stores data security in AWS data centres in Sydney and Melbourne and data does not leave Australia.

  • Basiq does not use any overseas third party providers for CDR data.

  • Basiq uses third-party service providers to enrich the data, no personally identifiable data is shared with third parties without your permission

Sponsorship Arrangements

Basiq is currently Sponsoring the following current and pending Affiliate accredited persons:

Affiliate Name

Nature of services Basiq provides to Affiliate

Bamboo 61 Pty Ltd*

Basiq Connect – Real-time access to financial data

CDR Connectivity – providing all the tools to seamlessly acquire and use CDR data

Credibot Pty Ltd*

Basiq Connect – Real-time access to financial data

Basiq Affordability – a complete financial picture

Data Analytics Holdings Pty Ltd*

(T/A Fonto)

Basiq Connect – Real-time access to financial data

Basiq Enrich – Convert transactions into insights

CDR Connectivity – providing all the tools to seamlessly acquire and use CDR data

Greenr Global Pty Ltd

(T/A Greener)

Basiq Connect – Real-time access to financial data

Basiq Enrich – Convert transactions into insights

CDR Connectivity – providing all the tools to seamlessly acquire and use CDR data

Panthera Finance Pty Ltd*

Basiq Connect – Real-time access to financial data

Basiq Affordability – a complete financial picture

CDR Connectivity – providing all the tools to seamlessly acquire and use CDR data

PropertyMe Pty Ltd*

Basiq Connect – Real-time access to financial data

CDR Connectivity – providing all the tools to seamlessly acquire and use CDR data

The Payment App Pty Ltd*

Basiq Connect – Real-time access to financial data

Basiq Affordability – a complete financial picture

CDR Connectivity – providing all the tools to seamlessly acquire and use CDR data

* Affiliate is currently a Representative of Basiq in the CDR Regime to allow it to develop their solution while their CDR accreditation application is being completed and considered.

Representative Arrangements

Basiq is currently Represented in the CDR Regime by the following entities:

Representative Name

Nature of the goods and services provided to customers using CDR data

Accountability Access Pty Ltd

Accountability is an independent software vendor headquartered in Australia with an office in New York. It develops, implements and supports an online project management and accounting platform for marketing and advertising agencies, with customers across 30 countries.

The platform includes two functions that will utilise CDR data: (1) Bank reconciliation function, which allows the user to reconcile the bank account ledger in Accountability to the statement/transaction data received via CDR; (2) a management function, which allows users to code credit card expense data received by CDR and post to the Accountability ledger.

Bamboo 61 Pty Ltd

Bamboo is a Crypto micro investing app that enables users to round up their spare change and invest in digital assets. Bamboo will look to use CDR data for calculating round up investment amounts, as well as checking balances in funding accounts for more efficient investing.

Beforepay Ops Pty Ltd (T/A Beforepay)

Beforepay is an app that allows its customers to access their wages outside the traditional pay cycles, enabling them to take better control in managing their own money by also allowing them to track spending habits and learn how to budget. Beforepay will use Basiq’s connectivity and enrichment capabilities to enhance their product offering for their customers.

Bell Financial Group Ltd

Bell Financial Group Limited (the Group) is an Australian-based provider of stockbroking (full service and online), investment and financial advisory services to private, institutional, and corporate clients. The Group will be using CDR data for bank account verification and on-going retrieval of client bank transaction information to assist with determining tax obligations and reconciliation across investments each customer has within the Group.

BlossomApp Pty Ltd

Blossom is a savings app targeting a 3.5% p.a. return. The Blossom app provides access to the Blossom Fund, which is a diversified portfolio of fixed income investments. Blossom is democratising fixed income by removing restrictions like sign-up fees, high minimum investment amounts, and long lock-up periods.

Blossom helps everyday Aussies build and foster healthy savings habits. Through the Blossom app, CDR data will help Blossom round-up the spare change of its customers and send it to their Blossom accounts.

Canni Money Pty Ltd

Canni Money is non-bank lender with a primary focus on SMSF lending using state of art technology at its core. Canni Money will use CDR Data as part of the lending process.

Cash Converters (Cash Advance) Pty Ltd & Cash Converters Personal Finance Pty Ltd

Cash Converters is Australia’s largest sub-prime non-bank lender, providing responsible credit solutions through a well-established store and online network. Cash Converters will be providing short, medium, and longer-term credit solutions using CDR data via their Early Wage Access, Cash Advance, Small Amount Credit Contract (SACC), Medium Amount Credit Contract (MACC) and Line of Credit facilities.

Cash Converters have two different entities that provide the suite of products listed above. Both entities are Representatives of Basiq.

Credibot Pty Ltd

CrediBot is a Brisbane-based payment management platform targeted at Debt Collection use cases. Consumers engage with CrediBot to explore payment options and set up payments for overdue accounts or give consumers the option of applying for Financial Hardship if the need arises. To assist with the Hardship process, CrediBot will request CDR Data to determine the outcome to the hardship application.

Data Analytics Holdings Pty Ltd

(T/A Fonto)

Fonto have created the ability to seamlessly link daily transaction data with survey research at an individual level - all de-identified, organised, categorised, and curated in a single data ecosystem. Fonto will use Basiq’s secure CDR connection solution to enhance their two products:

Humaniti – A simple budgeting tool to help consumers manage their finances, and they can earn real money doing short surveys.

Surveyz – A survey app where consumers are paid for taking part in market research and earn double the cash and extra prizes when they link accounts.

Digital Creators Pty Ltd

Whether it’s designing a company’s next innovation strategy, running an accelerator, validating and prototyping ideas or designing and building MVPs – Digital creators has got a “full stack” senior team ready to partner with you and make it happen - fast. They have recently used Basiq’s CDR connectivity capability, coupled with Basiq’s enrich capability, to develop a cashback rewards solution.

Entain Group Pty Ltd

Entain is an entertainment company that specialises in sports betting and gaming entertainment. They intend to use CDR to aid in conducting source of funds checks to meet our AML/CTF reporting obligations.

Flux Technologies Pty Ltd

Flux helps boost the financial literacy of Australians to reduce financial stress and gain financial confidence. The Flux app turns your finances into a game where you can win weekly prizes, boost your savings, credit score and money knowledge. Flux’s savings game “Win the Week” incentivises Australians to save money with the chance of winning guaranteed weekly prizes.

Fundo Loans Pty Ltd

Fundo Loans is an online provider of small amount credit contracts. Having access to CDR Data will assist Fundo in not only lending responsibly, but lending quickly to give their customers access to same day settlement.

Hard Line Wealth Holdings Pty Ltd

(T/A Cruz Money)

Cruz helps consumers save money without taking custody over their assets or the need to change any banking arrangements. Cruz will do this by analysing the consumer’s CDR data, via a secure connection using Basiq’s CDR solution, to help them derive meaningful insights when looking to achieve their financials goals. Cruz will then work with the consumer’s unique banking stack and save them money on their behalf.

Map My Plan Pty Ltd

(T/A Otivo)

Otivo want to help every Aussie take control of their financial future. They will do this by connecting with a user’s CDR data via their easy to use and secure app to provide each user with tailored financial advice. Just like a traditional financial adviser, Otivo are fully licensed and because they’re 100% independent, their advice comes with no strings attached.

Medical Financial Pty Ltd

Established in 2008, Medical Financial provides a complete financial advisory service for members of the medical profession, including helping with financial decision making, superannuation, investment, and insurance. Medical Financial will use bank and loan account balances and gain an understanding of their expenditure to monitor financial plans for their clients and help them with their financial decision making.

OlivsMatic Pty Ltd

(T/A Olivs App)

Olivs App is Software as a Service with solutions including accounting, document management, time management, and client management. Within the accounting module, Users (i.e. business owners) will be able access to their CDR data and use it to prepare their financial reports and taxation calculations for specified Business Units.

Panthera Finance Pty Ltd

Panthera Finance is Australia’s largest privately-owned debt ledger acquisition and debt collection company and has established itself as the second largest PDL acquirer in the Australian market. Panthera not only has the debt purchase arm, but also a debt management arm, and will be using CDR Data to assist customers get better insights into customer affordability and with a view to helping them move past their debts.

Pay.com.au Pty Ltd

Pay.com.au is a B2B start-up facilitating payments and helping businesses to earn points by making business payments. They will use CDR Data to check the bank account name against the bank account details to provide extra security by making sure it's the customer adding their bank accounts.

Pearler Investments Pty Ltd

Pearler is an investing app designed to help everyday people reach their financial goals and become successful long-term investors. They want to make investing rewarding and simple, have built tools to help you grow, not trade or gamble. Pearler will use CDR data to connect customers directly with their banking data within the app to make investment easy.

Pocketsmith Limited

PocketSmith provides personal finance software to individuals, to help them manage their money and plan their financial future. They deliver web and mobile applications via a premium subscription-based software-as-a-service model. Using CDR data, PocketSmith will enable users to connect to their banks to automatically update account and transaction information. This will let users gain insights into their spending and earning activities, and plan for the future, without importing data files downloaded from their online banking interface.

PropertyMe Pty Ltd

PropertyMe aims to provide cloud services to the evolving needs of the modern ‘property manager’. Unlike conventional methods of property management, PropertyMe combines the key functions of property management into one powerful cloud solution to eradicate repetitive tasks whilst keeping agile. PropertyMe intends on using CDR data to automatically import transactions directly from their client’s bank account to be matched to different parts of their PropertyMe portfolio for processing and reconciliation.

Sharesies Australia Limited

Sharesies is an investment app that enables you to buy part of any share with as little as 1¢! Customers can choose from thousands of companies and funds across Australia, the US, and New Zealand, all with no minimum investment. Sharesies will use the CDR to enable round up capability by anylising open banking and transactional data to help enhance customers experiences. This information will be used for easy and regular top-ups to a customer’s investing wallet to enable them to buy more shares.

Sipora Pty Ltd

Sipora is a round-up as a service platform specialising in supplying round-up technology and infrastructure to a wide range of consumer facing industries. Sipora accesses a consumers transactional data to calculate user opt-in round-ups on every day purchases to be distributed to a place of their choosing. Depending on the customers entry point (app or web app they are signing up with), funds can be distributed to a consumers superannuation fund, designated charity, savings account, to pay down debt, etc. The platform is supplied to partners via an API and managed service.

Sucasa Loans Pty Ltd

Sucasa is a lender in the residential mortgage space aiming to address the deposit hurdle to home ownership. Sucasa provides home loans to high quality borrowers. Sucasa will use CDR data as part of our credit assessment process to improve data collection and the overall customer experience.

Super Obvious Pty Ltd

Super Obvious is a technology-driven financial services company on a mission to change the way people think about their investments. It is a saving and investing app that enables investors to make a social and environmental impact on future investments. Using CDR data, they hope to provide customers with the ability to understand the carbon footprint of their underlying transactions, allowing them to better analyse the impact of their financial decisions.

The Difference Fund Limited

The Difference is Australia’s first app-based digital charity, supporting microdonations as you shop. The Difference app that allows you to turn your virtual small change into a big impact. It rounds up all your daily transactions into a whole number, collecting a set amount each month to donate to a charity of your choice.

The Payment App Pty Ltd

The Payment App is a technology company providing smart data tech and fintech solutions to businesses. Their services help businesses to reduce fraud exposure, meet their compliance obligations, and facilitate payment services. The Payment App will use Basiq’s secure CDR connectivity solution to enhance this process.

Tiger Brokers (AU) Pty Ltd

Tiger Brokers has designed a platform that is innovative, user-friendly and focuses on the power of knowledge by giving everyone access to the market and allow them to grow to their full potential as investors. They have also integrated trading data, insights, and tools into their platform to give everyone a better understanding of the evolving market and the total capacity to build up their skills.

Tiger Brokers will use Basiq’s secure CDR connectivity solution to assist consumers to allow consumers to connect directly to their CDR data within the Tiger Brokers platform.

Venture 5 Group Pty Ltd (T/A CashnGo)

CashnGo is a unique short term money lending business that provides fast loans to people who need extra cash. Their loans are really for people who require a small amount of money for a short time.

CashnGo provide their loans via fully digital application process. Banking transactions data retrieved via CDR data will be used to evaluate their loan applications and their potential clients’ ability to pay.

Way Forward Debt Solutions Limited

Way Forward is a small not for-profit-organisation with a dedicated team of hardship advocates who have typically worked for financial firms or as a financial counsellor. Their skills and insights give them the best possible foundation to assist consumers struggling with their personal finances and explore options of getting out of debt that don’t include Bankruptcy or Part IX Debt Agreements. Having access to CDR data via Basiq’s connectivity functionality will greatly speed up the process and remove some of the burden off consumers who are already overwhelmed.

For more information, please see https://www.cdr.gov.au/for-providers/representative-arrangements

Outsourced Service Provider Arrangements

Basiq has engaged the following outsourced service providers (OSP) who will have access to CDR data:

OSP Name

Is the OSP an accredited person?

Nature of services it provides

CDR data the OSP will access

Codat Limited

No

Codat is a B2B platform that makes accessing consented business data from banking, accounting, and commerce platforms easy. Commercial customers need to only build once to their API to aggregate data, underwrite credit risk, and automate accounting for their SMB customers.

Basiq will be providing CDR Connectivity to their commercial customers, via their innovative connectivity functionality, making it easier for more commercial businesses to connect to the CDR regime.

Account Details

  • product category, account type and product name

  • BSB and account number / masked number

  • account nickname

  • account status

  • account holder / display name

  • account owner (true/false)

  • account meta data (e.g. credit cards, term deposits, loans)

Balance Details

  • current balance

  • available funds

Transaction Details

  • status (pending / posted)

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