The two associations are aiming to enable a faster roll-out and a push for changes to the CDR, including greater access and data protections for consumers and businesses.
FDATA, an association for businesses operating open banking, has led its own campaign on open finance in other regions, in Europe, the UK, South America, North America, Australasia, India and Africa.
“We look forward to working with The Financial Data and Technology Association to drive the best outcomes for the CDR rollout in Australia,” FinTech Australia chief executive Rebecca Schot-Guppy said.
“It’s crucial we get this right and move as quickly as possible. Bringing in the broader expertise will be key to ensuring we balance all fintechs’ interests in the CDR roll out and deliver the best outcome for all businesses and consumers across Australia.”
Finalising open banking in Australia is seen as an “absolute priority”, FDATA ANZ regional director Jamie Leach said.
“Before we explore additional use-cases for the consumer data right, we need to finish open banking. In this case, FDATA will partner with FinTech Australia to ensure the rules makers have unlimited access to the pieces they need to finish this framework,” Mr Leach said.
“Building on our global experience of deep policy, technology and data standards development and implementation, FDATA has chosen to partner with FinTech Australia to ensure that the final components of Open Banking are complete, concise and market-ready.
“We need to see the vision of encouraging innovation and introducing competition readily available to the ecosystem if we are to realise Scott Farrell’s vision.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.