Open banking is a new regulatory regime created by the Australian Federal Government.
More details can be found at the ACCC website.
By mandating that banks make their customers’ transactional data freely available to accredited third party recipients, the Government intends to facilitate greater competition within the financial services industry.
The scheme is targeted very much at organisations such as Mclowd, and would obviously provide a significant benefit to all users:
- Free access to relevant transactional data
- Broader coverage than our current arrangements provide (which are currently focused on the major banks – whereas open banking will cover all Approved Deposit-taking Institutions)
Mclowd is currently reviewing the regulatory and technical requirements, while seeking dedicated funding to support this project.
We will keep Practitioner and Trustee users up to date via our regular email communications.