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ARTICLE · 18 FEBRUARY 2019

Delays to implementation of Australian open banking regime

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The open banking regime, to commence in July 2019, promoting transparency and data sharing for consumers, is delayed.

AustraliaFinance and Banking
Dan Pearce
Dan Pearce
Madeleine Griffiths
Madeleine Griffiths
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The open banking regime that was set to commence in July 2019 promoting transparency and allowing data sharing for consumers, has been delayed by a further eight months to allow for testing, as was announced shortly before the end of 2018.

The ACCC, Data61 and the big four banks are instead conducting an initial testing program, to assess the security and overall performance of the proposed open banking system.

Consumers and members of the FinTech industry, who will ultimately be the beneficiaries of the consumer data gathered as a result of the regime, will also be invited to take part in the testing program in July 2019.

The testing will involve the sharing of information by banks and financial institutions relating to products and transactions, with a view towards providing access to the public to the comprehensive open banking scheme containing valuable consumer data, by February 2020.

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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