Original article by James Eyers
The Australian Financial Review – Page: 17 : 25-Feb-19
Australian Prudential Regulation Authority chairman Wayne Byres says the nation’s banks are working hard to meet the schedule for implementing the open banking regime. The first phase of open banking, part of the federal government’s consumer data right program, takes effect on 1 July. Byres told a Senate committee hearing on 21 February that the banks are concerned about greater information security risks as a result of open banking being introduced, as well as the use of derived data, which he says they regard as their intellectual property.
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN LABOR PARTY, AUSTRALIAN BANKING ASSOCIATION