(4 October 2016 – Australia) Australia’s peak body for financial technology (fintech) startups, Fintech Australia, has joined the battle between Apple and some of Australia’s largest banks, saying that the issue highlights a need for open access in all areas of financial infrastructure.
In a submission to the Australian Competition and Consumer Commission (ACCC), the peak body showed that it is seeking to use the dispute between the technology giant and banks to push through wider reform.
“Consumers should have the right to access their money, and instruct institutions to transfer that money, using the device or mechanism of their choice, to the third party of their choice,” Fintech Australia said.
“Equally, consumers should also have the right to access their data, and instruct institutions to share their data, with the third party of their choice.”
Both banks and technology players have used the issue of security as leverage to keep closed platforms, as demonstrated by Commonwealth Bank recently closing out Square Payments’ terminal and Apple’s ongoing excuse for not allowing financial institutions access to its Near Field Communication technology.
The ACCC expects to release a draft decision on the Apple issue prior to the end of 2016.
Last month, the regulator declined to grant interim authorisation to the banks.