The startup provides testing and infrastructure tools that enable banks and financial institutions to comply with evolving consumer data rights regulations through blockchain-based solutions. By leveraging expertise in open banking and data management, the company ensures secure and efficient handling of consumer data for data holders.
Funding
$7.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
JVFounders
Product
Problem
Financial institutions face increasing complexity in complying with evolving consumer data rights regulations, such as the Consumer Data Right (CDR), requiring secure and efficient mechanisms for managing consumer data. These regulations mandate that organizations enable consumers to securely access and share their data with accredited third parties, increasing competition and streamlining data flow. Failure to comply can result in penalties and reputational damage.
Solution
Biza provides testing and infrastructure tools that enable banks, energy providers, non-bank lenders, and other financial institutions to comply with evolving consumer data rights regulations through blockchain-based solutions. The company offers a Holder as a Service (HaaS) solution, which helps data holders meet their CDR obligations with a secure, comprehensive, cost-effective, and rapidly implementable solution. Biza also provides a Data Recipient platform, including an Open Gateway and Virtual Test Tool, allowing data recipients to access and utilize CDR data effectively. The platform supports Financial-grade API (FAPI) for secure data sharing and offers a flexible consent model that extends beyond CDR requirements.
Target Audience
The primary target audience includes banks, energy providers, non-bank lenders, and other financial institutions that must comply with Consumer Data Right (CDR) regulations as well as accredited data recipients seeking to leverage CDR data.
Features
- Holder as a Service (HaaS) solution for data holders, providing a secure and comprehensive platform for CDR compliance.
- Open Gateway for data recipients, offering APIs to obtain CDR data with options for pre-built consent flow or custom integration.
- DataRight Lab, a testing environment for data holders and recipients to perform end-to-end testing before production.
- Product Manager, a module for managing CDR Product Reference Data (PRD) with a modern web interface.
- Data Store as a Service (DSaaS), a high-performance data store and façade for CDR dataset management.
- Support for Financial-grade API (FAPI) for secure data sharing.
- Flexible consent model that goes beyond CDR, allowing for rich authorizations in non-CDR channels.
- Integration with AEMO for energy retailers.
- Verification Test Suite (VTS) for non-bank lenders.