Political Turmoil In Australia Forces Open Banking Delay

The beginning of Australia’s open banking regime has hit a snag after political turmoil and “complex issues” during consultations forced the competition watchdog to delay the introduction of a Consumer Data Right (CDR).

Under a rules framework released in September, Australia’s major banks — known as the big four — were required to allow third-party access to consumer data for credit and debit cards, deposit accounts and transaction accounts from July 1, 2019.

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