Australian Government delays implementation of open banking

The ACCC has announced an update on the timeline for the implementation and launch of the Consumer Data Right (CDR) in the banking sector, deferring the launch of certain aspects from February to July 2020.

As a result, the implementation timetable is adjusted so that the obligations for the four major banks to share consumer data will now commence on 1 July 2020 rather than 1 February 2020. Other obligations for data sharing that were to commence in July 2020 will now be deferred to November 2020.

The updated timetable is as follows:

• Major banks will be required to share product reference data (PRD) for credit and debit cards, deposit accounts, transaction accounts, mortgage and personal loan accounts from 1 February 2020 and for non-major banks, the deadline is 1 July 2020
• Major banks will be required to share consumer data relating to credit and debit cards, deposit accounts and transaction accounts from 1 July 2020
• Major banks will be required to share consumer data relating to mortgage and personal loan accounts from 1 November 2020
• Major banks will be obliged to share certain more complex data sets including relating to joint accounts, closed accounts, direct debits and scheduled payments from 1 November 2020

For more information about the announcement, click here.