25 Jul Independent Assessment On Open Banking Launched By Australian Government
Australia — An independent review was slated by Australian federal treasurer Scott Morrison to gather more information about open banking, according to a report last Monday.
In previous years, large banks have been wary of pursuing open banking. Unlike financial technology (fintech) companies, traditional financial institutions are more concerned with security and privacy issues.
Fintech startups have since anticipated open banking programs in Australia. This move allows clients to conveniently change from traditional banking, so they can have flexibility to bank with their chosen provider.
The review will also help improve and strengthen financial data revolution, finding solutions for various processes involving micro-savings, payments, and budgeting.
To date, Scott Farrell, a partner at King & Wood Malleson, is said to head the independent review. The complete report will be submitted in the end of 2017.
Source: Business Insider Australia
