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OPEN BANKING REVIEW PUBLISHES ISSUES PAPER

Saturday, 23 September 2017

Treasurer Scott Morrison has released an Issues Paper, prepared by the Open Banking Review seeking feedback on the best approach for implementing an Open Banking framework for Australian customers.

The review is looking at new measures to make it easier for business and consumer banking clients to change banks by making direct debit and account information more easily transferable.

Mr Morrison said Open Banking had the potential to transform the way in which Australians interact with the banking system.

“Better informed customers will put pressure on the financial services sector to become more efficient, affordable, innovative and competitive,” he said.

“The Government’s commitment to introduce an Open Banking regime in Australia is part of a comprehensive package of reforms to ensure the financial services sector better meets the needs of customers and provides opportunities for innovative businesses to grow and thrive.”

He said the Review would examine:
• what data should be shared, and between whom;
• how data should be shared;
• how to ensure shared data is kept secure and privacy is respected;
• what regulatory framework is needed to give effect to and administer the regime; and
• implementation – timeliness, roadmap, costs.

The Issues Paper is available on the Treasury website.

The Government commissioned the Open Banking Review in July with its report due by the end of this year.

Further information

Ministerial media release: Empowering customers through Open Banking – Issues Paper released

Open Banking Review: Issues Paper

Zdnet.com: Australian government opens consultation on open banking regime

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