On 1 July 2019, the Federal Government launched its pilot program for Open Banking, involving the big four banks. Under the pilot program, ANZ, CBA, NAB and Westpac are required to share generic product data as the first step in testing the performance, reliability and security of the Open Banking system.
Under the revised implementation timeline announced by the Treasurer late last year, the official launch date for Open Banking was delayed by seven months to 1 February 2020. For more details, see our previous insight “Launch of Open Banking delayed”.
This Insight looks at what has happened over the last six months and considers where Australia is up to with the launch of Open Banking.