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Payments General

Australia and New Zealand to collaborate on open banking

Friday 22 February 2019 | 11:09 AM CET

Australia and New Zealand prime ministers have released a joint statement indicating that the two countries work together to develop open banking standards.

The two leaders welcomed the Australian and New Zealand's Productivity Commission's joint report on Growing the digital economy in Australia and New Zealand in which it was recommended the two countries work together to develop joint open banking standards.

The Productivity Commission's report suggested joint work on open banking standards as one of the three policy areas which could advance the trans-Tasman digital economy, the other two being data sharing and working together on digital trade.

The Consumer Data Right bill, of which open banking is the first iteration of, has been introduced to parliament and open banking is due to start in Australia by 1 February 2020. The Consumer Data Right will put all Australian consumers in control of their data and allow them to direct it to be shared between institutions.

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