The Commonwealth Bank (CBA) has paid $792,000 in penalties following action by he ACCC over breaches of the Consumer Data Right (CDR). It’s the second time in six months that a major bank has been busted for dragging its feet over CDR, also known as open banking, which launched in Australia 5.5 years ago. NAB… Read more »
New Zealand fintech Wych has raised NZ $1.5 million (A$1.32m) to accelerate open banking delivery in New Zealand and Australia . The round was New Zealand FinTech Fund (NZFF) with participation from the NZX-listed Booster Innovation Fund (BIF) and other strategic investors. Wych provides secure, real-time financial information and data exchange to power the next generation… Read more »
Sydney artificial intelligence (AI) and data insights fintech MogoPlus has raised $1.5 million from existing UK investor New Model Venture Capital Group. The funding will be used to expand the scale-up’s existing AI-based credit insights portfolio and help it expand into other emerging open data markets and verticals globally. MogoPlus provides vertical agentic AI solutions… Read more »
Fintechs often complain quietly, lest they cop blowback, than one of the things that’s slowing the roll out of the Consumer Data Right (CDR), aka Open Banking, is that the major banks are dragging their feet. Well, the competition watchdog thinks so too, and National Australia Bank (NAB) has copped $751,200 in penalties after the… Read more »
It’s Day 1 of the international travelling roadshow that is Money 20/20 and the European iteration, held at the cavernous RAI exhibition centre in Amsterdam, is on a mission to the outer edges of the conference stratosphere in terms of scale and size. Seriously, some of the exhibitor booths are bigger and much more expensively… Read more »
The founder of fintech PocketSmith believes ordinary Australians should be prioritised by the federal government through the Consumer Data Right (CDR) to address cost-of-living pressures. The call, by cofounder and CEO Jason Leong, follows a record 859 pre-Budget submissions to the Commonwealth Treasury, up from 789 last year, with more than a quarter highlighting the… Read more »
2024 was a pivotal year for Australian open banking. While Australia is seen as an open banking leader, its CDR regime has been criticised for issues including quality of data, slowness of adoption, cost of execution and cumbersome user experiences. This led to Assistant Treasurer and Minister for Financial Services Stephen Jones announcing a CDR… Read more »
Global payments platform Banked has tapped into Australian real-time payments with the acquisition of Waave, a fintech using the consumer data right (CDR) to offer a lower cost direct debit alternative to card payments. The sale, for an undisclosed sum, comes less than 18 months after Waave launched following a $4.7 million Seed round in April… Read more »
Next week, the Australian Parliament will cast a pivotal vote on advancing the Consumer Data Right (CDR) to Action Initiation. This decision could redefine consumer freedom and competition across the nation, making it one of the most significant moments in our history. What is Action Initiation? Action Initiation will enable consumers to take unprecedented control… Read more »
Australia’s Consumer Data Right (CDR) turned four this week, and as the fintech sector gathered at a sold out event to discuss and debate its progress and possibilities, industry lobby group the Australian Banking Association (ABA) released a massive whinge on the issue. The ABA commissioned a strategic review of open banking from consultancy giant… Read more »
Open banking facilitation startup Adatree has been acquired by Sydney small business payments provider Fat Zebra for an undisclosed sum. The Sydney regtech platform was the first early-stage startup approved to take part in Australia’s open banking system as Accredited Data Recipient (ADR) for the Consumer Data Right (CDR). Adatree helps fintechs gain access to… Read more »
Waave has recruited former Qantas exec and eBay Australia chair Belinda Jonovska as payments fintech’s Chief Operations Officer (COO) to oversee risk, governance and commercialisation. Jonovska joins the startup after the open banking payments fintech raised $4.7 million in a Seed round in April. Cofounders Ben Zyl, Mark Connolly and Peter Traianou launched Waaveearier this… Read more »
Dear financial industry, I don’t know how to put this any more simply than; screen scraping for banking data is dead. It’s time to move over to Open Banking. This has been a long time coming, and for the fintech industry, this should not come as a surprise. Screen scraping, web connectivity, Digital Data Capture… Read more »
UK software startup TrueLayer has halted Australian operations just 18 months after its arrival. TrueLayer’s software is an intermediary for other startups looking to use the data available under the the Consumer Data Right (CDR) and open banking regime to develop new fintech products. While the British fintech unicorn’s API platform currently processes more than… Read more »
Complaints from the fintech sector that some major banks have been slow to get with the program when it comes to open banking have proved true with the competition watchdog slapping a $133,200 fine on the Bank of Queensland. The Australian Competition and Consumer Commission (ACCC) issued the penalty and infringement notice against BoQ for allegedly… Read more »
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