fbpx
Skip to main content
New Financial Assistance Hub

A sensible path forward for Open Banking

10 May 2018

The announcement by the Federal Government of a phased approach for introducing Open Banking is a sensible path forward for this important reform, enabling banks to design a secure system which benefits Australian consumers.

Open Banking will allow customers, at their request, to share their personal information with other financial institutions to allow them to find a better deal on expenses such as electricity bills, telecommunications and other items.

Australian Banking Association CEO Anna Bligh said it was important to get this reform right with the security of customer data at the forefront of policy making.

“The ABA welcomes the Government’s announcement on Open Banking which charts the way forward for this important reform which will empower customers,” Ms Bligh said.

“The industry is pleased that the Government has outlined a phased introduction that enables it to design a good system the will both benefit customers and protect their data.

“Banks are committed to delivering this reform within the tight timeframe and are looking forward to seeing further details contained in the draft legislation as soon as possible,” she said.

ENDS
Contact: Rory Grant 0475 741 007

Latest news

1 / 3
Media Releases
New scams prevention framework key to winning war against scammers 
7 November 2024

The ABA welcomes the introduction into the Parliament of critical scam fighting legislation to better protect Australians.   ABA CEO Anna Bligh said the Federal Government’s proposed Scams Prevention Framework is the best way forward to prevent, detect, report, disrupt and respond to scams.   “This is an important step forward in our ongoing work to scam-proof… Read more »

Read more
Media Releases
Banks stand ready to support Far West NSW communities impacted by recent storms 
1 November 2024

Banks stand ready to support Far West NSW communities hit by recent storms and ongoing power outages.   ABA CEO Anna Bligh acknowledged that many households and businesses in the Far West were still feeling the effect of this severe weather event.   “My message to customers in these communities, is please reach out to your bank… Read more »

Read more
Media Releases
Keeping banking customers safe from financial abuse
1 November 2024

Customer safety will be front and centre when banks design their products and services under a new global leading initiative launched today by the Australian Banking Association, in partnership with Westpac. The new Safety by Design toolkit, developed by Westpac and made accessible to the sector, will give banks access to more guidance to ensure… Read more »

Read more