21 July 2017
Sydney, 21 July 2017: The Australian Bankers’ Association has today welcomed the Federal Government’s announcement of an independent inquiry into implementing an open banking regime in Australia.
“Banks welcome the move to an open banking regime provided that customer security and privacy needs are paramount,” ABA Executive Director – Industry Policy Tony Pearson said.
“This inquiry is a crucial step to identify and resolve the legal and technical challenges in open banking.
“Banks look forward to working with Mr Scott Farrell who is well placed to explore the issues highlighted in the terms of reference.
“We believe that designed properly, expanding data access will give customers valuable information to find better deals with their financial products and services.
“But it will take a shared effort between banks, governments and fintechs to address issues like ensuring customer privacy is protected, their data is secure and knowing what to do when something goes wrong,” Mr Pearson said.
These issues were highlighted at the ABA’s Open Data Symposium in April, which brought together Australia’s banks, fintech community, consumer organisations, regulators and digital and privacy experts.
“The key theme throughout the Symposium was the importance of putting customers’ interests and voices at the centre of open data discussions, which the ABA will continue to advocate in this inquiry,” Mr Pearson said.
Contact: Stephanie Arena 0477 470 677
This is the version of the Banking Code of Practice that takes effect on 1 March 2020. It is currently awaiting ASIC authorisation.
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