Government brings open banking to parliament

The Consumer Data Right legislation, that will enact open banking will be seen by parliament this week according to the Treasurer.

The legislation which will enable the consumer side of open banking to go through was put on hold with the dissolution of parliament prior to the election in April.

At the start of July, the big four banks entered the open banking trial with the launch of product data with the time line expecting them to have consumer data ready for next year.

The fintech industry has urged the government to pass the legislation with fears that legislation will not be passed in enough time for implementation.

These fears were stoked by Assistant Minister for Financial Services Jane Hume who said the bill needed to be passed this week to give the sector enough lead time.

Labor meanwhile urged caution around rushing a data bill which could see the government’s legislation delayed.

The government has said that the reforms will encourage competition leading to better prices for customers and more innovative products and services.

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Source: Government brings open banking to parliament – InvestorDaily