Australia’s competition watchdog, the ACCC, has delayed the rollout of open banking by six months to July 2020.
The delay is to allow for additional implementation work and security testing to be completed.
What is open banking?
Open banking gives consumers access and control of the financial data that banks and other institutions hold on them. Currently, it’s hard for a person to get hold of this information, and for them to ask that it is shared between banks and other accredited companies.
How will open banking benefit consumers?
Once open banking is implemented, it will make it easier for consumers’ actual circumstances to be taken into account when they are engaging with home loan lenders and other providers. This will make quotes more accurate, and improve people’s ability to compare and switch between products and services.