Accredited Data Recipient Fiskil to launch one of the first value propositions for Open Energy
BRISBANE, AUSTRALIA – November 9th 2022 – Biza.io, the market leader in Australian Consumer Data Right (CDR) solutions, has today announced the world’s first transfer of open energy data via the Consumer Data Right. The milestone transfer was made in partnership with Fiskil, a real-time Open Data platform and Accredited Data Recipient (ADR). Fiskil’s soon-to-be-launched platform will allow users to securely link their energy accounts and data to service providers and comparison sites in order to verify identity and account information, validate real-time account balances, access usage data and access detailed billing data.
Amid rising energy prices, new mandates from the ACCC that require all major energy retailers to share their data with accredited service providers, including comparison sites, will be enforced from November 15th. Similar to how the banking and financial services industry has introduced Open Banking in recent years, these new regulations, also referred to as Open Energy, will allow consumers to get more tailored, competitive services. In October, Energy Australia was granted a 6-month extension.
Founded in 2018, Brisbane-based Biza.io helps banks, financial institutions, major energy retailers and data economy participants navigate the highly regulated CDR ecosystem and comply and innovate within the Australian data-sharing landscape. In August this year, Biza.io announced it raised $7.5 million in a Series A funding round led by OIF Ventures and Jelix Ventures.
Stuart Low, Founder and CEO of Biza.io commented: “The launch of Open Energy has been a long road and I’m incredibly proud of the work our team has delivered to achieve such a significant world-first. To know that we’re on the brink of seeing the first value propositions come to market is incredibly exciting for us, and we’re thrilled to have worked with Fiskil to make the first data transfer a success.
“Now, energy retailers will be able to provide more tailored packages and increasingly competitive pricing to their customers, something that we know will be welcomed by everyone.”
To date, Biza.io has assisted in the delivery or verification of over 40% of all active data holders with more than 18 million consumers having data-sharing access enabled by Biza technology. Biza.io is the only pure-play CDR provider focused on data holders with proven delivery capability and was a finalist for Excellence in Open Data in the Finnie Awards 2021 and 2022.
Jacob Parker, CEO and Founder of Fiskil said: “The current cost of living crisis has had an impact on almost every Australian’s hip pocket, and there is perhaps no part of the monthly budget that’s gone up as much as our energy bills. The CDR helps Australian consumers easily compare and switch between different products and services, lowering prices, encouraging competition and promoting innovation. This is where Fiskil comes in.”
“To be the world’s first recipient of Open Energy data is an incredible milestone for the Fiskil team as we work towards the official launch of our real-time Energy APIs on November 15th. We are excited to work with businesses and entrepreneurs to power new innovations within the energy sector.”
The announcement comes as the CDR continues to expand its remit, with the Treasury recently completing its consultation period on a draft bill to enable Action Initiation, a new capability that will allow consumers to use the CDR to ask businesses to initiate actions on their behalf, including payments, switching or updating details across providers.
Founded in 2018, Brisbane-based Biza.io is a market leader in the burgeoning open data landscape. Biza is completely focused on software solutions and services for the Consumer Data Right (CDR), Australia’s Open Banking program, that extended to energy in 2022, and will encompass other industries like telecommunications in the near future. Biza’s Software-as-a-Service solutions enable regulated organisations to share and ingest customer transaction data with the explicit consent of the consumer. Biza’s deep interaction in the CDR specification process has gained it the trust of over a dozen banks, fintechs and energy retailers, who use its solutions and services for both CDR conformance and a platform for digital innovation and growth.
Fiskil handles the hard work when it comes to Open Finance and the CDR, so companies can focus on their core business. Fiskil has built the pipes between financial and energy institutions, as well as the extensive suite of compliance technology required to access the CDR. Businesses like banks, fintechs and energy retailers alike work with Fiskil to securely access data, transform it and add value for their customers.
Photo by Matthew Henry on Unsplash