In May last year, the Commonwealth Government announced that it would introduce an overarching Consumer Data Right (CDR), starting in the banking sector with the phased implementation of ‘Open Banking’ from 1 July 2019.

While the starting dates for the CDR have since changed, the ambition of the program remains unaltered, with the Australian Competition and Consumer Commission (ACCC) already engaged in preliminary discussions to extend the CDR beyond banking to the power and telecommunications industries.

So, what is Open Banking/CDR? And what is its potential impact on Authorised Deposit-taking Institutions (ADIs)?

Continue reading “Open Banking and the Consumer Data Right” →