(10 May 2018 – Australia) Despite attempts by the country’s top banks, the Australian Government is forging ahead with Open Banking reforms and sticking to its initial July 2019 start date.
Westpac and CBA, along with the Australian Banking Association had argued that plans should be delayed and the scope of open banking limited to exclude lending products, citing high costs and security issues.
These concerns have not persuaded the government which is pushing ahead with its original proposal, however access to mortgage data and personal loans have been delayed until 2020.
The governments announcement has been welcomed by Australia’s fintech community who had been campaigning to keep the reform on track in face of bank opposition.