The hire comes off the back of a bumper year, with revenue growing fivefold over the past 12 months, fuelled by CDR compliance deadlines for Australia banks from July 1st 2021.
Wayper spent almost 15 years at iseek, an Australian cloud, data centre and connectivity provider and brings a wealth of knowledge around security regulation, a critical component to the CDR. Wayper’s first project will be overseeing Biza’s ISO27001 certification process.
Murray Wayper, Chief Information Security Officer at Biza.io said, “It’s an interesting time to be involved in the CDR. As the rollout picks up steam, data holders and recipients are coming across some major challenges, particularly when it comes to data security and privacy.”
“What Stuart and the Biza.io team have built is a unique offering that is challenging the traditional ways of achieving compliance and addressing a lot of the existing roadblocks. I’m thrilled for the opportunity to work alongside this talented team.”
Founder and CEO of Biza.io, Stuart Low, said: “We’re excited to have Murray on board as our first CISO, signalling our commitment to continue on our growth trajectory into 2022.”
“Murray’s deep technical and regulatory expertise is critical to our ability to service our clients and will serve to further deepen trust and credibility for Biza.io in the market.”
Hypergrowth for Biza.io
Biza.io delivered six financial institutions into the CDR in the second half of 2021 alone, including Bank First, The Capricornian, and Family First Bank. Biza customer Envestnet | Yodlee also became an active Accredited Data Recipient during this time.
The CDR specialist helps banks, financial institutions and fintechs navigate the regulated financial services industry and to comply within the Australian open banking landscape.
The Brisbane-based remote-native start-up has hired seven new staff in the same period to service demand and plans to hire another 30 before the end of the calendar year.
Stuart Low went on to say, “2021 was a real turning point for Biza.io. We went from a niche player with a team of two to the default choice for data holders entering the CDR.”
“The growth over the past year is a testament to the commitment of our team to provide a best-in-class solution that delivers on time, within budget, and does what it says on the tin.”
Biza.io has delivered 7 data holders into the CDR as part of the open banking rollout, with the energy and telecom sectors in its sights for 2022 and expanding its data recipient offering.
Biza.io triples client portfolio
Over the past six months, Biza.io has tripled its number of customers and now works with about 15% of authorised deposit-taking institutions (ADIs) in Australia.
James McKid, Head of Sales and Operations at Family First Bank said, “With Biza.io’s help, we were able to achieve compliance in two months, a time frame we’d never thought possible.”
Biza.io supported Family First Bank to meet its November 1st compliance deadline.
Biza.io’s Data-Holder-as-a-Service provided Family First Bank with a platform that acts as a proxy to core banking data. Clients don’t need to upgrade their systems, instead, delivering the CDR APIs, consent and information security needs with Biza.io’s turnkey solution.
Biza.io also worked with The Capricornian after compliance wasn’t achieved by the initial deadline. “Biza executed a highly professional project. It provides our team great comfort knowing we can lean on Biza’s industry knowledge and technical expertise as we progress with our open banking journey,” said Natalie Ohl, Head of Project and IT at The Capricornian.
The complexity and high costs involved in reaching CDR compliance have put Biza’s unique Data-Holder-as-a-Service solution in a strong position to support data holders.
According to the Australian Government, 54 financial institutions were not active on the CDR register by last year’s July 1st deadline for data holders. Many of the delays were caused by changing regulatory frameworks, limited resources, and a lack of expertise internally and across core banking providers to deliver functional, compliant solutions.
Biza.io is the only pure-play CDR solution for data holders with proven delivery capability.
Biza.io offers cloud-based Software-as-a-Service solutions for both Data Holders and Data Recipients built to meet the CDR specifications and rules mandated by the Australian Government Treasury and the ACCC. It also provides vendor-agnostic validation and testing services for CDR certification for banks, fintechs and other non-ADI financial institutions.