Three months from now, Australia will have its major banks open their customer data on credit and debit cards, deposit accounts and transaction accounts – in an open banking reform similar to that in the UK a year ago.
It’s not personal
According to CTM File, the open banking developments follow trends seen since 2–3 years, and some predict them to be having great impact on personal banking.
Yet there are question marks over whether multi-national corporations will be permitting business account access to third parties in the manner that is required for the whole open banking thing to make any difference.
Could add pricing transparency
The site refers to a payments research survey, by firm East & Partners, with participants from the Asia-Pacific area. Asked about the top benefits they expect from open banking, respondents primarily ticked the boxes for transparent pricing of payments services, followed by real-time visibility of payment status and real-time cross-border payment processing.