Level39 member Priviti reaches final stage of Westpac Innovation Challenge
28th November 2018
Leading Australian bank Westpac has announced that Priviti is one of five finalists for its 2018 Innovation Challenge, an initiative that gives startups the opportunity to pitch their ideas to help businesses meet their regulatory obligations and enhance customer experience.
Priviti is building upon existing Open Banking and financial API standards to ensure consumer consent for data sharing is securely obtained. Its team has contributed to the Australia standards working groups, helping to shape the future standard for managing consent for data sharing.
Priviti is currently helping global financial institutions tackle consent issues in private banking. Priviti gives consumers enhanced control over how their data is shared and helps companies comply with data protection laws and other new regulations. Its patented technology helps organisations systemise and manage granular consent for data sharing at scale. Its software enables any company to obtain, verify and match consent between multiple parties with audit trails for regulatory compliance, dispute resolution and analytics.
Priviti’s Head of APAC Dermot McCann said: “We’re delighted that Priviti has been selected as a finalist in Westpac’s prestigious competition. Open Banking and the Consumer Data Right have created a paradigm shift which places Australia at the forefront of data privacy innovation globally. Given our experience with Open Banking, PSD2 and the GDPR in Europe, we are in a strong position to help companies and consumers share data and collaborate with trust. We want to give people full control over their data.”