Australia Unveils Legislation Underpinning Open Banking

The Australian government has published a bill to implement the consumer data right (CDR), legislation that will ultimately form the backbone of the country’s open banking regime.

The draft rules, which were released for consultation on Wednesday, aim to give consumers greater control over how their data is collected, used and transferred as part of a bold initiative to open up the digital economy.

The banking sector will be the first industry to put the new right into practice, allowing consumers to direct banks to share their account and financial information with newly accredited third-party service providers. 

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