Banks nudged to finish line on open banking

The big four banks are expected to meet the extended deadline for open banking compliance in February 2020, though one bank “might be struggling”, according to delegates at the 4th Open Banking and APIs conference in Sydney this week.

The original July deadline was extended after the Consumer Data Right legislation was delayed by the federal election, though it’s understood two of the big four failed to be ready and needed more time for testing. There has also been criticism the big four have deliberately been dragging their feet, though the Commonwealth Bank recently denied this.

Read more at Australian Banking Daily.

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