Fintech Australia sets out own demands for Open Banking after bank push-back
(17 April 2018 – Australia) In response to open banking push-back from some of Australia’s top banks, fintech companies have urged the government to keep an eye on the roll out and ensure the introduction goes through as planned.
The Australian Banking Association, Westpac and Commonwealth Bank have all advised the government to delay the implementation of Open Banking and limit its scope to exclude lending products due to high costs and high security concerns.
Fintech Australia, the trade association for fintechs and startups, has retaliated with its own demands to government, insisting the system include both deposit and lending products, incorporates SMEs and sticks to the 12-month timeframe.
Fintech Australia is also calling for the Australian Competition and Consumer Commission to take a formal role to ensure there are no “knee-jerk anti-competitive measures by banks”.