TrueLayer publishes definitive guide to Open Banking in Australia
Fintech leader TrueLayer has published the definitive guide to Open Banking in Australia.
The guide covers how open banking works, how it is regulated, the benefits of open banking for consumers, the timeline for open banking in Australia, the difference between a Data Holder (DH) and an Accredited Data Recipient (ADR) and the role of intermediaries.
The guide also references the current and expected situations with open banking payments in Australia.
In his report on “Future Directions for the Consumer Data Right,” Scott Farrell mentions “payment initiation” a total of 268 times. He also recommended designation of the banking sector for action initiation prioritising bank account-to-account payments and bank obligation to support Consumer Data Right payment initiation.
The government has confirmed it will respond to the Future Directions report before the end of the year. TrueLayer expects that open banking payments should be prioritised and is preparing to launch open banking payments in Australia next year.
The guide is freely available now from the TrueLayer Australia landing page: www.truelayer.com/en-au/openbanking/what-is-open-banking