How innovation and security could unlock open banking in Australia

February 28, 2019
2019-5289

What has been described as Australia’s open banking “revolution” follows extensive reviews by the Productivity Commission and Treasury. Now, after extensive discussions among many interested parties - government, banks, energy and telecommunication firms, FinTechs and consumer groups - its mandatory rollout is underway, starting with the major banks in 2019. Australia’s version of open banking is delivered through the Consumer Data Right (CDR). This provides consumers with the right to direct that their data is shared with other organizations they trust, so they can benefit from its value. An EY article provides details.

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