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Open Banking: How Australia can learn from the UK

Posted by Sandstone Technology on Nov 24, 2020 9:03:16 PM
Open Banking drew global attention in 2016 as a direct result of the UK’s Competitions Market Authority announcing plans for the top 9 banks in the UK to deliver open source Application Programming Interfaces (APIs) for 3rd party use by January 2018. Since then, Open Banking has been introduced in many countries around the world with varying regulatory and standardisation controls. In the UK the regulatory framework and cost of entry has seen significant shortcomings in the uptake of Open Banking.
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Topics: Data & Open Banking, Digital Banking

Open Banking - looking beyond data sharing

Posted by Sandstone Technology on Sep 22, 2020 5:18:10 PM
The Open Banking deadline is nearing for Data Holders, the major banks have already complied with product reference data, whereas non major ADIs including nonmajor banks, building societies and credit unions, are well set to comply with these requirements by Oct 1st, 2020. While the compliance timelines for disclosure to accredited data recipients is still a few quarters away (phase-1 for major banks is Oct 2020 and for non-major banks/ADIs/ building society/credit unions is July 2021), the financial institutions have also started to define their strategy around being a Data Recipient. We are seeing a varied set of approaches to the Open Banking Consumer Data Right (CDR) compliance requirements.
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Topics: Data & Open Banking, Digital Banking

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