Open Banking - BRISBANE
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Ernst & Young, 111 Eagle Street, Brisbane QLD 4000
Thu 7 March 2019 | 4.00pm Presentation followed by Networking Drinks from 5.00pm – 6.00pm
It’s clear from the draft report on the future of Open Banking that Australia is on the brink of a significant change to banking interoperability. The report proved to be more far-reaching than many in the industry were predicting, while providing some pragmatic concessions.
As it stands, the report, which was released in February 2018, will result in a sizable change to policy, controls, technology and security. It will spur new avenues for competition and innovation by giving customers the right to direct the information they share with their bank safely with others they trust.
The review made recommendations in the following areas:
• Reciprocity — Open Banking is underpinned by the Consumer Data Right, empowering individuals by providing them access to their data. This will be legislated across industries, starting with Banking.
• Regulation — Open Banking will be legislated through the Competition and Consumer Action (2010) and regulated by the ACCC for competition, consumer and standards, and by the OAIC for privacy. ASIC, APRA and the RBA will all be advised as required.
• Standards — Open Banking will apply common rules and technical standards to participants. This includes the security, data and transfer standards which Open Banking participants need to create and use. These standards will be managed by a Data Standards Body to define standards and perform accreditation and dispute resolution.
• In-scope entities — All ADIs (other than foreign branches) will be in scope to share customer data. Non-ADI Open Banking participants will also be required share customer data.
• In-scope data — Customer and transaction data is in scope, for a range of account types including transaction, lending and savings. The Review does not mandate sharing aggregated, transformed or ID&V data.
• Data sharing — Data sharing is proposed to be read only, with write access an option after commencement. Digital information provided by the customer will need to be able to be shared. Data transfer will be free and shared through APIs. The standards will be managed by the Data Standards
Body, using the UK standards as a starting point.
• Privacy — Customers will need to provide informed, explicit consent with appropriate authorisation. The Privacy Act (1988) will continue to protect customer data. The Australian Privacy Principles will be modified to support Open Banking. A comprehensive liability regime will need to
Mike will share leading thinking on Open Banking, and how this relates to the risk community.
Speaker: Mike Booth, Director of Advisory Services, Ernst & Young
About the Speaker:-
Director, Advisory Services EY
Mike is a Director within EY’s Advisory practice, specialising in transformational data and analytics services globally to clients in the Financial Services Industry. Mike has developed strategy, operating models, policy and technology solutions to enable greater customer engagement, enhanced credit and risk management, and data-enabled change.
Mike is leading the Open Data initiative for EY’s clients in Australia, bringing his global experience from Australia, United Kingdom, United States, and Europe. He is actively engaged across Australia on identifying the opportunities which will emerge as a result of Open Data, in addition to the impact of delivering against the Open Data regime announced by the Australian Government.