Australian lender Heritage Bank has joined forces with professional services organisation Ernst & Young Australia (EY) to develop its open banking solution.

The open banking platform will be developed on the EY client technology platform, leveraging an all-Microsoft Azure native technology stack.

The Australian lender said that the cloud-based platform will facilitate data flow between consumers, data holders, data recipients and open banking collaborators as well as watchdogs.

Heritage Bank CEO Peter Lock said: “We’re looking forward to working with EY on our Open Banking solution. They have unrivalled capabilities in this area and will help us deliver a first-class solution.

“We want to reinforce to our members that our approach will keep their data secure and under their control. Tapping into EY’s extensive local and global knowledge in this space will be crucial in ensuring our solution is not only secure but also easy to use.”

In Australia’s open banking regime, Consumer Data Right (CDR) regulations give consumers greater access and control over their financial data and allow them to share it safely with trusted parties.

EY Oceania open banking leader Andy Parton said: “We’re very excited to be working with Heritage Bank on this important and exciting initiative to help them drive innovation and greater consumer choice through Open Banking.

“Heritage will not only comply with the Consumer Data Right (CDR) regulations but is well-positioned to capitalise on the opportunity to compete in this new world of Open Banking and, ultimately, better serve its members.”

Founded in 1875, Heritage Bank is a mutual bank owned by customers without any capital stocks. In March last year, Heritage Bank was ranked top in JD Power Australia Bank Brand Authenticity Study.