Write Access and the Future of Third Party Payment Initiation in Australia

Basiq and Ernst and Young have collaborated to write a comprehensive whitepaper looking at the future of write access in Australia (download link at end of page). It compares and contrasts two implementations of ‘write access’ for payment initiation – one falling under the Consumer Data Right (CDR) and the other under the New Payments Platform (NPP’s) PayTo. It suggests the extensibility of ‘actions’ outside of payments has been an important policy development by Treasury.

The paper ‘Write Access & The Future of Third Party Payment Initiation in Australia’ is a deep-dive into:

An overview of Open Banking’s development in Australia and its ‘metamorphosis’ moment into the Consumer Data Right (CDR)
A comparison of two forms of Write Access for third party payment initiation – including the New Payments Platform’s (NPP) ‘PayTo’ and CDR’s ‘Action Initiation’
A discussion on the extensibility of Action Initiation outside of solely payments, hinting at unlocking new economy-wide use cases
An investigation into lessons learnt from the United Kingdom and Europe for both Read and Write Access
A proposal for future research into the potential for global cross-border data sharing