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Fintechs hit back on call for open banking delay

Fintechs hit back on call for open banking delay

The fintech industry has hit back at the Australian Banking Association's suggestion that lending products and credit cards be held back from the first phase of "open banking", arguing this is merely a delaying tactic to protect their most lucrative offerings. 


Open banking will allow customers to get better deals on financial products

Open banking will allow customers to get better deals on financial products

BANKING customers could soon be given the green light to share their personal financial data and score themselves cheaper deals.

Dubbed “open banking” the system will allow a customer to “opt-in” and have their transactional data shared with a recipient free of charge.

The dawn of open banking in Australia

Financial services firms will need to embrace DevOps and modernise their IT infrastructure to compete with more nimble fintech companies in an open banking regime

Westpac says open banking needs more time to limit systemic risk

Westpac says open banking needs more time to limit systemic risk

Westpac Banking Corp says in order to limit new, systemic risks that "open banking" will introduce to the financial system, banks need more time to design and test the regime. It warned that even if it is designed well, fraud costs could rise by up to five times.


Australian fintech firms call for competition watchdog to police open banking roll-out

Australian fintech firms call for competition watchdog to police open banking roll-out

Australian fintech companies have called on the the Government to hold the line on the introduction of open banking reforms in the face of a hostile push-back from some of the countries top banks.

Westpac and CommBank hit back at Aus Open Banking plans

Australia's big banks have begun a rearguard action to stave of the introduction of a new Open Banking regime, calling for an extended deadline as high costs and security issues take their toll.

Australia moved one step closer to implementing Open Banking with the publication of a final Government report into the issue in February. Commissioned in July last year, the report 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.