Open banking

New legislation has been introduced that expands the Consumer Data Right to enable consumers to instruct lenders to initiate actions, including moving bank products, on their behalf.

Competition has to be the guiding principle, according to Jodi Ross, head of regulatory affairs and compliance at Tiimely.

Wider use and acceptance of open banking and the CDR will be key to improving borrowers’ experience, lender heads have outlined.

Open banking is a great way for borrowers to share financial data, which brokers can use to their advantage. However, some are yet to take advantage of these systems, highlighting some of ...

Mandating more open banking data fields and a government-funded marketing campaign are key to a CDR Utopia, industry specialists have said

The Mortgage Business Uncut podcast is your weekly analysis of the biggest themes shaping the Australian mortgages market.

A growing number of lenders are disabling screen scraping in favour of open banking data, new data has shown.

Frollo is calling on mortgage lenders to adopt open banking so they can view a borrower’s buy now, pay later and pay advance transactions and better manage risk.

There are now 158 use cases for open banking in Australia, with lending, credit, and broking dominating the use cases.

While the government focuses on fixing underlying issues in open banking, opportunities in the sector are expanding.

Consumer Data Right’s ‘open banking ecosystem’ has been extended to include non-bank lenders, Treasury has announced.

Sam White, the executive chairman of LMG, has suggested that responsible lending laws should be streamlined as open banking rolls through the mortgages space.

Open finance API platform Basiq has launched a campaign to encourage businesses to move to open banking as soon as possible and reduce reliance on web connectors.

Cost, compliance, and speed efficiencies are just some of the benefits being realised from open banking, the first adopters in the mortgages space have said.

Open banking adoption has been slowed by concerns about competitive disadvantage and a lack of awareness, according to open banking provider Frollo.

For many Australians, the dream of home ownership is a high-priority goal.

Open banking and the consumer data right have been in effect in Australia for years, but only starting to feed through into mortgages now. We find out how the new regime will impact ...