There’s a revolution under way in commerce. Within five years, the consumer data right will have transformed competition and simplified the way we live. Yet most of us know little about it, or think it is restricted to banking. It’s the brainchild of former Productivity Commission chief Peter Harris and Scott Morrison when he was… Read more »
Just over a year into the Consumer Data Right (CDR) regime and Australia is now beginning to understand the competitive advantage this new world of data can offer. Designed to give consumers greater access and ownership over their own data to increase competition, CDR has first been introduced to banking, to be followed by energy… Read more »
The roll out the open banking under the Consumer Data Right (CDR) is set to have a major boost 12 months after its launch with 20 Australian banks and credit unions set to join in a partnership with data fintech Adatree. July 1 marks the first anniversary of CDR and a year on, there are… Read more »
The Commonwealth Bank’s venture scaling arm, x15ventures, has invested $1 million for a 26.7% stake in bill payments startup Payble, a subsidiary of listed IT company Identitii (ASX: ID8). Payble tackles late and failed bill payments before they happen, seeing the possibilities in open banking through Consumer Data Right (CDR) to tackle a problem with… Read more »
Two areas that could soon dominate the Australian finance space are the increased success of the fintech industry and the movement toward the adoption of open banking. Interestingly, an ecosystem built on the security needs of banks for sharing consumer data will see fintechs become more intrinsically linked to the innovation opportunities open banking allows… Read more »
Access to Open Banking under the Consumer Data Right (CDR), introduced in Australia in July 2020, will be expanded next year to include more business customers after federal treasurer Josh Frydenberg approved the ACCC’s expansion plans for the roll out. From 1 November 2021, major banks will enable business customers to share their data with… Read more »
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