Australia delays Open Banking roll-out

The Australian Competition & Consumer Commission (ACCC) has delayed the introduction of Open Banking by six months amid concerns over testing and security.

The country's competition watchdog updated the timeline for the implementation and launch of the Consumer Data Right (CDR) Act in the banking sector from February to July 2020.

Under the revised deadline, consumers will be able to direct major banks to share their credit and debit card, deposit account and transaction account data with accredited service providers from 1 July 2020. Consumers’ mortgage and personal loan data will be able to be shared after 1 November 2020.

ACCC commissioner Sarah Court explained: “The CDR is a complex but fundamental competition and consumer reform and we are committed to delivering it only after we are confident the system is resilient, user friendly and properly tested.

“Robust privacy protection and information security are core features of the CDR and establishing appropriate regulatory settings and IT infrastructure cannot be rushed.”

In 2018, the Australian Government agreed to the recommendations of the Farrell review into Open Banking, sticking with an implementation timetable that was criticised by banks and industry bodies.

A survey conducted by Unisys among a nationally representative sample of 1,000 adults across various Asia Pacific countries, found that almost a third of Australians are willing to share their personal data under the new Open Banking regime, but only if privacy and security concerns are addressed.

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