TrueLayer enters Australian Open Banking market

TrueLayer enters Australian Open Banking market

UK Open Banking startup TrueLayer has hired Brenton Charnley to lead its push into the Australian market.

Founded in 2016, TrueLayer is one of a number of ventures that have been launched as a result of the UK's open banking initiative, providing a platform for fintechs, developers and retailers to access bank APIs and to securely share customers banking details.

With Australia following the UK's lead, the company is now looking to expand down under. In July, the Consumer Data Right Act made it possible for Aussies to share their banking data with third party providers.

Then, this month the rules were amended to permit the use of accredited intermediaries such as TrueLayer to collect data on behalf of other accredited businesses.

TrueLayer will formally launch early next year, with Charnley responsible for establishing the Australian operations, obtaining accreditation with the ACCC, supporting the company's partners as they launch in the country and onboarding new partners.

He joins TrueLayer from global insurtech API platform Cover Genius, where he acting as COO and chief commercial officer. Previously, he founded industry body Insurtech Australia.

Say Charnley: "I am honoured and excited to be joining TrueLayer at this pivotal time for open banking in Australia. It provides consumers the opportunity to take control of their banking data and make it more convenient to make payments from their favourite app or website."

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