The Consumer Data Right Bill was introduced into parliament this morning by the Treasurer. This should see current timelines observed for approval/implementation of Open Banking.
Ian Pollari, Head of Banking and Global Fintech Co-lead, KPMG Australia commented:
“The introduction of the Consumer Data Right Bill to Federal Parliament today is a positive step towards the introduction of Australia’s open data eco-system.
It will hopefully provide a greater level of certainty for banks, fintechs and other third-party providers investing in the area. There is however, a lot of work still to be done, from a rules, standards and implementation standpoint – for regulators, such as ACCC and impacted entities.
With the timelines published by the ACCC in January, there is substantial complexity in meeting compliance and technology requirements. In parallel, consumer education and awareness will also be critical and will need to be considered early in the process of engagement.”
“The open banking regime is a once-in-a-generation opportunity for Australia to lead the world in implementing a consumer-driven, economy-wide data sharing framework. Over time, open banking will lead to new business models and change how many financial institutions operate and extend opportunities for them to deliver different, valuable services to consumers and businesses that extend beyond traditional banking products and services.”
More information on the Bill can be found here: https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;page=0;query=BillId:r6281%20Recstruct:billhome