Frollo is calling on mortgage lenders to adopt open banking so they can view a borrower’s buy now, pay later and pay advance transactions and better manage risk.
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Open Banking: Australian Financial Institutions Plan to Fully Support Responsible Customer Data-Sharing Practices by Nov 2022
The introduction of
Australia’s
Consumer Data Right (CDR) laws on July 1, 2020 marked the initial phase of Open Banking in the country, which may improve the services offered by the local banking sector.
More than 6 months into CDR and Open Banking in Australia has not yet provided significant advantages or benefits to consumers, according to Richard Atkinson, who’s serving as
illion’s GM of consumer product.
At least part of the reason for slow adoption of Open Banking is that there’s a lot of red tape and relatively high costs associated with becoming an accredited (or authorized) data recipient.