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Australia takes first steps towards Open Banking

Australia takes first steps towards Open Banking

Australian consumers can now choose to share their banking data with third party providers following the launch of Open Banking under the Consumer Data Right Act.

Overseen by the Australian Competition and Consumer Commission (ACCC), consumer data relating to credit and debit cards, deposit accounts and transaction accounts are now available to be shared. Mortgage and personal loan data will be added from November.

The watchdog in January delayed the introduction of Open Banking rules by six months amid concerns over testing and security of the new provisions for account data sharing.

The introduction of the new data sharing regime has got off to a slow start, with just two accredited data recipients confirmed as the global pandemic forces a shift in priorities for many of the nation's fintech startups.

Nonetheless, the ACCC says a further 39 providers are undergoing the stringent security tests required for accreditation.

Aside from the top four banks, other authorised deposit-taking institutions are expected to join over the coming year.

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