{"id":28863,"date":"2020-10-22T19:23:53","date_gmt":"2020-10-22T08:23:53","guid":{"rendered":"https:\/\/www.dnister.com.au\/?page_id=28863"},"modified":"2021-07-01T17:28:09","modified_gmt":"2021-07-01T07:28:09","slug":"open-banking","status":"publish","type":"page","link":"https:\/\/www.dnister.com.au\/uk\/open-banking\/","title":{"rendered":"Open Banking"},"content":{"rendered":"

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A new way of banking\u00a0<\/span><\/h1>\n

Open Banking will change the way you do your banking in Australia.<\/span><\/p>\n

In 2017 The Australian Government passed a legislation called the Consumer Data Right (CDR). It has been designed to give consumers greater control over their personal data as well as provide greater competition with products and services to consumers. The finance industry is well into the first stage on implementing these standards, with other sectors such as the energy and telecommunications sectors to follow in the coming years.<\/p>\n<\/div>

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So what is Open Banking?<\/h3>\n

Open Banking will give you greater access <\/strong>and control<\/strong> over your financial data. It means you decide<\/strong> who you want to share your financial data with, such as your accountant, financial planner, an app provider for budgeting or other accredited third parties such as financial institutions in a safe and secure framework. <\/span>You will be able authorise who and what kind of personal financial data you want to share in a secure digital environment.<\/span><\/p>\n

The other part of Open Banking is to create greater competition in the industry, making it simpler to compare financial products and services and ultimately find the best product in the market that’s right for you.<\/span><\/p>\n

There are 2 phases of rolling out Open Banking with timelines that\u00a0have been set by the Australian Competition and Consumer Commission (ACCC).<\/p>\n