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ARTICLE · 19 MARCH 2018

Anytime, anywhere banking for all Australians: Open 24/7

Kemp Strang Lawyers
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This Review aims to develop a roadmap and implementation framework for achieving an Open Banking framework in Australia.

AustraliaFinance and Banking
Matthew Wilson (Formerly With Kemp Strang Lawyers)
Matthew Wilson (Formerly With Kemp Strang Lawyers)
Stuart Stevens
Stuart Stevens
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Open Banking represents a social, technological and ideological shift in banking and earlier this month the Commonwealth Government released an "Issues Paper" on its "Review into Open Banking in Australia" (the Review). Central to the idea of Open Banking is more seamless, efficient and cost effective access to a customer's financial and transaction history, essentially by giving customers greater access to, and control over, their own banking data and allowing them to decide who may access that data.

In an Open Banking world, customers (at the centre of that world) should be better placed to make fully informed decisions about their financial futures, including by selecting financial service providers and financial products best suited to their needs.

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