Please find our update on Open Banking below, along with details
of recent developments and upcoming changes.
"Open Banking" is the application of the Consumer Data
Right (CDR) in the banking sector and involves the
collection, sharing and use of consumer banking data. The CDR is
one way of facilitating Open Banking (by compelling financial
institutions to provide access to consumer's financial
data).
In summary, the purpose of Open Banking is to allow consumers to
compare various products and services, and to encourage greater
competition in the banking sector. The Open Banking regime is also
expected to promote product and service innovation, through the
sharing of consumer data.
