Australia’s Westpac has been approved as an Accredited Data Recipient by the Australian Competition and Consumer Commission (ACCC) under the Consumer Data Right (CDR).
The ACCC states that the CDR “will give consumers greater access to and control over their data and will improve consumers’ ability to compare and switch between products and services”.
Chris de Bruin, chief executive, consumer and business banking at Westpac Group, said: “Westpac supports the increased competition and innovation from Open Banking, which allows consumers to securely share selected banking data with trusted third parties.”
Westpac was established in 1817, making it Australia’s first bank, and it is now one of the largest banks in New Zealand.
He added: “We have worked hard alongside the Federal Government and regulators as the Consumer Data Right has evolved for the banking sector, and will continue to focus on ensuring our customers understand how they can benefit from Open Banking as we develop use cases that customers can leverage.”
Westpac has four customer-facing divisions which operate a portfolio of brands, including Westpac, St. George, Bank of Melbourne, BankSA, BT and RAMS, serving more than 13 million customers in total.