11 Oct Australian Fintechs and Banks Make Recommendations on Open Banking Regime
Australian banks and fintechs have recently weighed in on the impending open banking regime, suggesting data access fees, strong liabilities for data breaches, and the establishment of data privacy and security standards.
Australia and New Zealand Banking Group (ANZ) suggested a new “Data Act”, which will compensate for shortcomings in the Privacy Act of 1988, be the underpinning of the regime.
The Australian Bankers Association (ABA) added that the data sharing process should revolve around an informed customer consent regime where there are clear disclosures on what and how the customer’s data will be used, stating that tick box consents are ineffective, and that legalese and blanket T & C’s usually maximize what businesses can get away with.
Source: ZDNet
