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Australia adopts open banking

Open banking has formally gone into operation in Australia with 3 of the 4 major banks voluntarily sharing generic product data as part of the federal government’s pilot program. The country expects to have the next phase of open banking in February 2020, when banks in the country will be required to make their customers’ data available by APIs to trusted third parties. But this schedule will depend on passing the Customer Data Right (CDR) bill, which is set to be introduced in parliament soon. According to the government, the Australia Competition and Consumer Commission (ACCC) will issue the ‘lock-down’ version of the rules governing the system by the end of August. Under open banking data would be fed into a common platform via APIs and banks would be required to invest in the delivery mechanisms to share their customer data.

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