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