Australian Government delays implementation of Open Banking after facing practical issues with the new Consumer Data RightJanuary 13, 2020

In 2019, the Australian Government passed new laws to provide new rights for consumers and small businesses to their data from July 2019. The implementation timetable is now 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 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.
The ACCC also said that the timing for sharing of consumer data by the non-major banks and the on-boarding of additional accredited data recipients in the first quarter of 2020 needs further consideration.
The ACCC will make their CDR Rules2 (which cover the foundational rules required to implement the Consumer Data Right in banking) to reflect these changes.
The success of the Open Banking launch is critical given that, following implementation of the Consumer Data Right in this sector, the telecommunications and energy sectors are next in line.

Subscribe to our newsletter