Tag: open banking

How to get the consumer data right back on track

Posted on   |  by Aaron Violi
The consumer data right, or CDR, is a pioneering economic reform that gives consumers the ability to safely share the data Australian businesses hold about them for their own...

CDR fines hit limits of foreign firms

Posted on   |  by Joseph Brookes
Global banking giant HSBC has avoided a hefty fine despite allegedly sending inaccurate and incomplete data through Australia’s budding economy-wide data sharing scheme. The bank paid penalties of $33,000...

Heavy lifting needed on data sharing, but not by banks

Posted on   |  by Sandy Plunkett
Here’s a philosophical question for the times: If a national economy-wide digital economy platform initiative is suffering a slow, tortured death – and no one notices – should it...

ACCC issues first fine for alleged CDR breach

Posted on   |  by Brandon How
The competition watchdog has issued its first infringement notice for an alleged breach of the Consumer Data Right to the Bank of Queensland. The Australian Competition and Consumer Commission...

Frollo backs regulator’s warning on CDR compliance

Posted on   |  by Brandon How
Australia’s largest accredited data recipient under the Consumer Data Right scheme has backed the regulator’s warning that it intends to take enforcement action to ensure compliance if the banks...

Efficiency of Open Banking system improving

Posted on   |  by Brandon How
A report from FinTech firm Frollo has revealed an improvement in data sharing through Australia’s Open Banking system. Frollo operates an Open Banking platform that facilitates the transfer of...

CDR benefits will be worth the five-year wait: Hume

Posted on   |  by Joseph Brookes
Consumers will begin to see benefits of Australia’s data portability by next year after a half-decade “build phase”, according to Minister for Financial Services and the Digital Economy Jane...