Priviti has won the Chief Product Officer’s Award in Westpac Bank’s 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. This accolade follows Priviti’s pitch to a panel of business experts yesterday at Westpac’s event in Sydney.
As Australia prepares for Open Banking standards and the Consumer Data Right, this year’s Challenge shortlisted five RegTech solutions addressing key issues including responding to regulatory change, ensuring customer privacy and consent, and product management.
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’s Head of APAC Dermot McCann said: “We are delighted that Priviti won the Chief Product Officer’s Award in the Westpac Innovation Challenge. This is validation of our team’s vision and dedication to be part of a fundamental shift in which banks, which have long been trusted custodians of funds, become custodians of consumer data. We are unlocking the power of data sharing with a scalable solution for consent and data privacy. We look forward to collaborating with Westpac and giving customers control over their personal data.”