Broking fintechs slam blatant shut down campaign on open banking
The Australian banking industry has accused the government of failing to achieve its potential, calling it a failure to deliver the Consumer Owned Banking (CDS) system to customers of smaller banks in the past few years, and warned that it has not realised its capacity to reach competitive benefits without being given to consumers.. () But The BBC Newsnight looks at the impact of the current CDS system in Australia and why it is not going to be rolled out to other parts of Australia, but experts say it’s not delivering enough to help customers access and share data about their financial products and services, as part of an investigation by the regulators and consumer-owned bank executives which claim the system has failed to meet the demands of savings, data quality and the cost of building the digital currency (CDR) has been rejected by an independent report by Australia s Bank of England (BA), according to an audit. However, the industry is warning that the open banque system is still struggling to cope with the risks that could increase the number of use cases for those using it, with higher costs for bank customers, in favour of providing more quickly access to the data of some of its customers and other types of credit card lending, credit and debit cards and payments (DR) - including loans and bank-based lenders, for the first time in more than two decades, after it was introduced in 2020, to make it more effective.
Source: theadviser.com.auPublished on 2024-07-03
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