Additional Content Download
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.
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 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 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.
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.