The Australian Competition & Consumer Commission has announced the delay of certain open banking reforms in Australia by six months, according to ICLG.com.
The announcement comes subsequent to the consumer regulator’s identification that more work is required in order to guarantee privacy and data security. Open banking, which was established in the United Kingdom by the Competition and Markets Authority (CMA), is intended to drive competition and enables businesses to make consumer offerings more custom-built.
The Australian government initially announced plans to introduce the Consumer Data Right (CDR) in Australia on 26 November 2017, designed to give consumers greater control and access over their data. Over the last few months, the ACCC has been collaborating closely with the ‘big four’ banks: Commonwealth Bank, Westpac, ANZ Bank, and the National Australia Bank, and the nine initial data recipient bodies, to refine and assess the CDR system.
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