This IDC Financial Insights report discusses the creation of an open banking framework in Australia, following several government and regulatory mandates, and a series of industry consultations. The guidelines, as they stand now, call for "account information" to be made available through application programming interfaces (APIs) to accredited third parties by July 2019.
Michael Araneta, associate VP, IDC Financial Insights Asia/Pacific states, "Australia’s preference for a slow but steady approach to open banking is apparent — the focus on the four pillar institutions first, the rather limited set of APIs mandated, and the measured approach to payments initiation. However, current market dynamics show that Australia might be ripe for open banking even before deadline." He continues, "Open banking is, and should be, a bigger agenda for banks, not just a compliance piece or a contrivance to show concern for customers. If understood well and executed with the right technology and operational decisions, open banking will bring a truly new era of Australian financial services."