open banking Archives

The Australian government wants feedback on the next steps in open finance from the Consumer Data Right

Simon Thomsen - March 15, 2022 2 MIN READ

Consultation on expansion of the Consumer Data Right (CDR) to open finance has been kicked off by the Australian government. A consultation paper released today calls for public input on datasets to be considered from non-bank lending providers, offering fintechs the chance to develop innovative consumer use cases. Earlier this year, the federal government announced… Read more »

Brenton Charnley, CEO – Australia & New Zealand, TrueLayer

Data

In 2021, the Consumer Data Right train finally left the station. But where is it going? And when will it get there?

Brenton Charnley - December 22, 2021 4 MIN READ

Open banking in Australia is the first train to leave the station under the Consumer Data Right (CDR). This past year has been critical in laying the tracks. We have 72 banks registered by the Australian Competition and Consumer Commission (ACCC) with the status of Data Holder, so they can now supply data. This covers… Read more »

Fintech

How open banking is helping fintechs thrive

Lauren Applegate - September 1, 2021 3 MIN READ

The fintech ecosystem is booming and is showing no signs of slowing down. Research from KPMG showed that, despite being in the middle of a pandemic, there has been an increase in the number of fintechs active in Australia, with 733 FinTechs recorded. Investment in Australia’s FinTech sector has also soared, with US$1.4 billion invested… Read more »

Data

How open banking and consumer data rights are set to transform our lives

Ross Buckley - August 26, 2021 3 MIN READ

There’s a revolution under way in commerce. Within five years, the consumer data right will have transformed competition and simplified the way we live. Yet most of us know little about it, or think it is restricted to banking. It’s the brainchild of former Productivity Commission chief Peter Harris and Scott Morrison when he was… Read more »

Fintech

NAB is part of a fintech challenge looking for startups to scale globally

Simon Thomsen - August 17, 2021 2 MIN READ

NAB has partnered with major banks in Canada, Brazil and the UK in a hunt for the greater fintech innovation. The Global Open Finance Challenge is a virtual event seeking entrepreneurs and startups with globally scalable solutions for open finance. NAB is part of the initiative with CIBC, Itaú Unibanco and NatWest Group. They’re looking… Read more »

Data

Open banking 1 year on: how Australia’s new world of data is changing finance

Jill Berry - August 4, 2021 3 MIN READ

Just over a year into the Consumer Data Right (CDR) regime and Australia is now beginning to understand the competitive advantage this new world of data can offer. Designed to give consumers greater access and ownership over their own data to increase competition, CDR has first been introduced to banking, to be followed by energy… Read more »

Fintech

EML Payments releases Open Banking white-label digital wallet

Simon Thomsen - May 3, 2021 2 MIN READ

Brisbane fintech EML Payments (ASX: EML) has released a white-label digital wallet giving lenders and other fintechs great access to Open Banking as part of the Consumer Data Right. The digital wallet, Nuapay, combines Open Banking with personal finance management and payments in a customisable solution digital solution, in a partnership with fellow fintech Frollo.… Read more »

Funding

Consumer data platform Adatree raises $1.2 million seed round

Simon Thomsen - January 28, 2021 2 MIN READ

Consumer Data Right startup Adatree has raised $1.2 million in a seed round co-founder Jill Berry says was nearly three-times oversubscribed. Tyro Payment co-founder Peter Haig and the company’s chair, Kerry Roxburgh, led the round alongside Equity Seed, Kylie Frazer and Rachael Neumann of Eleanor Ventures, and bank executive Angus McBean. Equity Seed’s Mark Hutchins is… Read more »

Data

How Open Banking can fuel the rise of fintechs and neobanks

Tonia Berglund - January 6, 2021 4 MIN READ

Two areas that could soon dominate the Australian finance space are the increased success of the fintech industry and the movement toward the adoption of open banking. Interestingly, an ecosystem built on the security needs of banks for sharing consumer data will see fintechs become more intrinsically linked to the innovation opportunities open banking allows… Read more »

Data

Business customers will get access to Open Banking from November 2021

Simon Thomsen - December 23, 2020 < 1 MIN READ

Access to Open Banking under the Consumer Data Right (CDR), introduced in Australia in July 2020, will be expanded next year to include more business customers after federal treasurer Josh Frydenberg approved the ACCC’s expansion plans for the roll out. From 1 November 2021, major banks will enable business customers to share their data with… Read more »

Fintech

4 months after Open Banking launched in Australia, a new report reveals the fintech sector is keen but struggling to get involved

Simon Thomsen - November 4, 2020 4 MIN READ

78% of survey respondents were familiar with Open Banking (CDR). 71% of industry respondents intend to use CDR, 58% of whom stating that they intend to use CDR data within the next 12 months 64% of banks and lenders, and 54.6% of technology providers plan to spend more than $500,000 54.2% of fintechs expect to… Read more »

Topic

Open Banking plans delayed 5 months until July amid concerns over data security and privacy testing

Simon Thomsen - December 23, 2019 2 MIN READ

Competition watchdog the ACCC has pushed out timelines for the implementation and launch of some aspects of the Consumer Data Right (CDR), known as open banking from February until July 1, 2020, as it continues to look at testing for data privacy and security. Banking is the first sector to to address CDR, which… Read more »

Advice

Investors reveal the fintech they want to bet their money on

Rebecca Schot-Guppy - October 12, 2018 3 MIN READ

Now might be exactly the right time in Australia to start a fintech, but what exactly the best investors are looking for can be a mystery for new founders.

Topic

Implementation of open banking scheme to begin in July 2019

Gina Baldassarre - May 10, 2018 4 MIN READ

Open banking will be phased in with all “major banks” to make data on credit and debit card, deposit and transaction accounts available by 1 July 2019.

Topic

Open banking regime should be customer-focused and increase competition, review states

Gina Baldassarre - February 12, 2018 3 MIN READ

Open banking will “revolutionise” Australia’s financial services sector by giving consumers the right to share their data to get themselves a better deal, Treasurer Scott Morrison said.