Ex-TrueLayer ANZ CEO Brenton Charnley launches Open Finance Advisors

The former CEO of TrueLayer ANZ, Brenton Charnley, has launched specialist consultancy Open Finance Advisors to help businesses develop their Open Banking strategy through Australia’s Consumer Data Right (CDR).

Open Finance Advisors will also help businesses to get ready for the CDR, obtain accreditation, “perform use case discovery” and assist with program implementation.

Charnley, CEO and founder of Open Finance Advisors, said: “Open Banking, and Open Finance more broadly, has the opportunity to revolutionise the financial services industry as we have already seen from the UK and EU under PSD2.

“However, at just two years old we are just getting started with Open Banking in Australia under the CDR.”

The Australian Competition and Consumer Commission (ACCC) reported that, as of 1 November 2022, there were 23 active Accredited Data Recipients (ADRs) and 112 active data holder brands.

Charnley added: “We really need to see more Accredited Data Recipients and use cases getting in the hands of consumers for the CDR to take off. And we are here to help make that happen.”

Energy data sharing is going live in Australia this month.

Charnley called it “a new era” for CDR, but said that there is “plenty more to do to make Open Banking a success in Australia”.

“When compared to the more mature Open Banking market in the UK, we haven’t even scratched the surface on consumer adoption,” he added.

He was appointed head of Australia at TrueLayer in September 2020, and was promoted to CEO of TrueLayer ANZ a year later.

According to Charnley’s LinkedIn profile, TrueLayer “paused operations” in Australia in October 2022.