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.
A copy of the transcript of the Symposium and communique is attached.
ENDS
Contact: Stephanie Arena 0477 470 677
Latest news
Good afternoon and thank you to the Trans-Tasman Business Circle for the invitation to speak today. I want to welcome you all here today for this event and the critically important subject I will be talking about, the emerging contribution gap between Australia’s domestically domiciled company and the rise of big tech. It is a timely moment to take stock. In… Read more »
Australia’s banks contributed a record $16 billion in taxes and other levies in the 2025 financial year, enough to fund over 370 million bulk-billed GP appointments, according to a new report released today by the Australian Banking Association. The Contribution Gap: Tax and regulatory imbalances in the digital age, highlights the critical role banks play… Read more »
The ABA welcomes the release today of Treasury’s exposure draft legislation to regulate Australia’s cash-in-transit sector. ABA CEO Simon Birmingham said this regulatory framework was an essential piece in the puzzle of ensuring cash remains available to Australians who still use it. “This is a welcome step and will be an important safety net in… Read more »