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Trend Micro brings AWS-powered banking solution to Australia
Mon, 6th Jul 2020
FYI, this story is more than a year old

Trend Micro has introduced Australia's first automated open banking solution for secure data sharing, built on Amazon Web Services (AWS).

The new Consumer Data Right (CDR) Open Banking automated compliance check, Trend Micro Cloud One Conformity, is officially live.

The solution uses AWS and is designed to simplify customers ability to create and launch compliant, secure Open Banking services, the company states. It also enables consumers to compare and switch between products and services.

In line with the launch of the CDR for Open Banking, which is overseen by the Australian Competition and Consumer Commission (ACCC), Conformity provides companies and auditors with an automatic and continuous testing of the controls that Accredited Data Recipients must have in place.

This automated infrastructure configuration compliance speeds up the process and reduces the costs involved in the initial and ongoing accreditation requirements for Accredited Data Recipients in Australia, Trend Micro states.

Conformity continuously scans cloud infrastructure against hundreds of compliance, security and best practice checks to determine a customers posture and any potential security and compliance violations.

Customers are able to access a real-time view of their adherence, more accurate and thorough reporting, and improved security of sensitive customer data, supporting compliance of the audit requirements of Australia's Open Banking regulation framework, Trend Micro states.

Trend Micro VP of product conformity Michael Watts says, “We are proud to help Data Recipients including fintech cloud innovators meet and report on audit requirements as they create reliable open banking systems.

“Our collaboration with AWS allows us to deliver scalable security that removes friction from procurement, the devops lifecycle, and day-to-day operations.

AWS head of digital native business for ANZ Andrew Boyd says, “AWS has deep experience in working with customers that have specific compliance requirements that must be met by financial institutions before embracing the potential that Open Banking has to offer.

“Trend Micro, an Advanced AWS Partner Network (APN) partner, has launched a solution for the Fintech community that we welcome, as it helps reduce the time and costs associated with accreditation, allowing them to focus on what they do best building new solutions to solve old problems.

A spokesperson from Verifier, a Trend Micro customer, also commented on the announcement.

Founder and CEO Lisa Schutz says, “Verifier is a privacy by design, consumer driven data sharing platform one of many Regulatory Technology (RegTech) businesses in Australia.

"Naturally, we thought that there must be an automated solution to testing and reporting our compliance controls for access to Open Banking.

“With Conformity, we now have a best-in-class security and compliance solution that provides a simplified, real-time view into our AWS environment, and significantly lowers our audit and assurance cost for Open Banking.

"We are thrilled to be a part of this new era of change to make sharing banking data more convenient for Australians and, with Conformity, RegTechs and FinTechs will find Open Banking more accessible.

Trend Micro Cloud One is a platform designed to help businesses meet cloud security needs including providing regular updates. Trend Micro has been an APN Advanced Technology Partner since 2012, working with AWS technologies.