Authorities in Australia have delayed the introduction of Open Banking rules by six months sighting concerns over testing and security around provisions for account data sharing.
Under the revision consumers will be able to instruct major banks to share their credit and debit card, deposit account and transaction account data with accredited service providers from 1 July 2020. From November 2020 consumers will also be able to share mortgage and personal loan data with regulated providers.
“The CDR is a complex but fundamental competition and consumer reform and we are committed to delivering it only after we are confident the system is resilient, user friendly and properly tested,” ACCC Commissioner Sarah Court says. “Robust privacy protection and information security are core features of the CDR and establishing appropriate regulatory settings and IT infrastructure cannot be rushed.”
- Demand increases for Open Banking as user numbers grow to more than two million
- Moneybox app announces Open Banking merger with Santander
- Tesco Bank introduces new payment technology for 2.6 million credit card customers
- Revolut customer base to grow by a third by 2021
- Open Banking market value to reach $43.15 billion by 2026