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Payments & FinTech Lawyer

Open Banking in Australia

On 9 May 2018, the Australian Government announced that the launch of Open Banking in Australia would commence from July 2019. The proposed Open Banking regime, which will be similar to the regime launched earlier this year in Britain, will be implemented as part of the Consumer Data Right in Australia - a general right to data proposed by the Australian Government to be created for consumers across different sectors of the economy. The banking sector is the first sector of the Australian economy to which the Consumer Data Right will be applied. Michelle Segaert, Financial Services Law Partner at Ernst & Young Australia, provides a detailed view of the Government’s plans for implementing Open Banking in Australia, the legislative basis for the regime as part of the Consumer Data Right, the potential impact on Australia’s financial services sector and what Australian banks should be doing to get ready for the launch.

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