Consumer Data Right

Regulators today revealed Australia’s upcoming Open Banking regime, currently in a testing phase, has missed several milestones and is under pressure to meet its February 2020 go live date. Open Banking is the first use case of Australia’s new Consumer Data Right, a data portability scheme designed to encourage innovation

Australia’s privacy watchdog, the Office of the Australian Information Commissioner, has released a draft document outlining the privacy guidelines for the upcoming Consumer Data Right (CDR). The guidelines cover consent, notifications, data use, data quality, and security, among other privacy issues raised by Australia’s new data portability scheme. The guidelines

With a whimper, Open Banking has arrived in Australia. From today, Australia’s big four banks will begin a pilot program to explore Open Banking’s performance, reliability and security. For consumers, a mature Open Banking environment will make it possible to switch home loan providers with a few swipes of an

ANZ expects the impact of open banking on Australia’s financial industry will be profound. So much so that the bank is preparing to fundamentally change its business model. But it had to rely on regulators to get the conversation started. “From a large bank perspective, I think open banking helps

Australia’s moves towards open banking and a Consumer Data Right are being slowed by the country’s largest banks which refuse to go beyond the minimum requirements of regulators, according to Gerd Schenkel, founder of Ubank and Telstra Digital. According to Schenkel, now managing director BGA Digital, the banks are favouring

The introduction of Australia’s Open Banking regulations next year could pose a threat to traditional banks by allowing consumers to access their data and move it to new competitors more easily. But trust remains a key issue for insurgents and incumbents alike. According to a survey of more than 2,000