Timing couldn’t be better for Open Banking

At the recent AFR banking and wealth conference, held as a virtual event during these unprecedented times, ACCC chairman Rod Sims reasserted a commitment to keeping the July 1 deadline for the launch of the first iteration of the Consumer Data Right reforms targeting the banking sector.

Called Open Banking, this reform requires banks – starting with the big four – to make transactional data available to accredited third-party data recipients, essentially empowering consumers to control who can access their data and how they can use it.

Click here to read the entire article on InnovationAus

Published on InnovationAus.com on Thursday 16th April 2020.
Written by Kristofer Rogers, CEO of Split Payments, as a Contributing Author.