That accreditation however only gives them the opportunity to participate in testing. They will still have to prove their technical and process bona fides in the months ahead. While the new regime – based on the recently passed Consumer Data Right legislation – really kicks in next year in February, companies who want to take advantage of the opportunity will need the time to get their systems in order.
Open Banking mandates that banks share customer data, if the customer chooses, in a machine-readable way. It is expected the data portability of a mature open banking scheme will make switching banks much easier and encourage banks and third-party providers to develop new financial service based on the newly freed data.
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