OPen Banking

86 400 today announced what it says is the first consumer facing feature to use open banking data in Australia. The neobank’s new savings account comparison tool pulls the saving interest rates of competitors into a “real time” comparison graph by using the product data some banks are now mandated

Open Banking began in Australia last month, promising to set free customers’ financial data, and spur innovation and competition in a sector historically dominated by just four banks.  Under Open Banking customers can request Australian banks securely share their data with accredited third parties for use in other financial tools

The introduction of the consumer data right, which underpins open banking will make it easier for consumers to switch banks, but that will not be without cost to incumbents and insurgents alike. That’s the view of Michael Ewald, director of engineering and consulting APAC Contino, an Enterprise DevOps and Cloud

Banks may currently hold a privileged position in the market, but the real opportunity for them from open banking is to start out in an ecosystem that allows them to provide new and better services to their customer base. That’s the view of Mark Allaby, Managing Partner, Financial Services Sector,

Much of the focus of the July 1 open banking kick-off was on the big four banks, however, some of the new types of financial services we expect open banking to deliver were already beginning to emerge. Innovation is coming from beyond the incumbents,  from the emerging set of neo

Draft rules for the management of the Consumer Data Right (CDR) prevent Australian consumers and businesses from realising the full benefits of open banking, according to Moneytree KK, the parent company of Australian open banking player Moneytree Financial Technology. The draft rules, released on 22 June by the ACCC, do

Fintechs and banks can now apply for accreditation as a data recipient within Australia’s Consumer Data Right (CDR) regime following the launch of the underlying IT infrastructure that enables the data sharing environment.  ACCC’s Consumer Data Right Register and Accreditation Application Platform (RAAP) is now live, ahead of the July

The total number of Open Banking users (consumers who share data via Open Banking APIs to aggregate their bank accounts and access new services), will double between 2019 and 2021; reaching 40 million in 2021 from 18 million in 2019, according to a new study from Juniper Research. The research

Smaller financial institutions have been granted a three month extension to prepare for their role in Australia’s open banking regime but the July 1st start date remains in place for the major pillars of the launch of the Consumer Data Right (CDR).  Following consultation with stakeholders, the ACCC has extended

In many regions around the world, open banking is still an emerging framework. However, it is just the beginning in a long phase of reinvention for the banking industry, according to Capgemini’s 2020 World FinTech Report. Released this week, the report advocates for greater collaboration between incumbents and fintechs and