Steps to kick-start Open Banking in Australia has begun with the publication of a final Government report along with a draft legislation to authorize comprehensive credit reporting.
The Government report into Open Banking which was commissioned in July 2017, makes 50 recommendations, on the regulatory framework, the type of banking data in scope, privacy and security safeguards for banking customers, the data transfer mechanism and implementation issues, reports say.
A deadline of March 23 has been set for the Australian government to make a final decision on implementation, hence the call on stakeholders to give a final contribution to the recently issued report.
It includes a proposal by the government to develop a ‘Consumer Data Right’ (CDR), which will be created based on recommendations from Open Banking reviews. This is targeted at giving customers the right access their data in a machine-readable form and CDR will be implemented throughout the economy starting with the banking, energy and telecommunications sectors.