Tag: open banking

Data quality concerns surround open banking scheme

Posted on   |  by Joseph Brookes
Questions remain about the quality of data being used in Australia’s “world leading” consumer data portability scheme one year after it was launched, according to its newest entrant. Basiq,...

Treasury to open up Consumer Data Right

Posted on   |  by Joseph Brookes
Treasury is developing new rules for Australia’s Consumer Data Right which would significantly expand businesses’ access to consumer data, following criticism that the accreditation requirements to participate are too...

Industry bristles as open banking stutters

Posted on   |  by Joseph Brookes
Australia’s FinTech and neobank industry is growing frustrated at the slow pace and arduous requirements of the Consumer Data Right (CDR) – once heralded as a landmark reform –...

The unrealised potential of data intermediaries

Posted on   |  by Ross Sharrott
The delay to allowing data intermediaries to fully participate in the Consumer Data Right (CDR) will significantly curtail the effectiveness of open banking in Australia and the creation of...

Timing couldn’t be better for Open Banking

Posted on   |  by Kristofer Rogers
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...

FinTech screen scraping scrap heats up

Posted on   |  by Denham Sadler
The landmark Parliamentary inquiry into the FinTech sector has again descended into a feud over the controversial practice of screen scraping, much to the chagrin of FinTech Australia. Screen...

FinTechs trying to shirk CDR rules

Posted on   |  by Denham Sadler
Current laws and regulations aren’t enough to stop FinTechs shirking the new Consumer Data Right rules, according to two major consumer groups. In a joint submission to the Select...

ANZ wants tiered system for CDR

Posted on   |  by Denham Sadler
Australia’s imminent open banking regime should include lower tiers of accreditation for data receivers and easier ways for third-parties to gain access to banking data, according to ANZ. The...

History repeats: Open banking delayed again

Posted on   |  by James Riley
It was a case of history repeating itself in the dying days of 2019, as a delay to the launch of open banking was announced on the last Friday...