20 08 15 21:29:21

When will Open Banking commence?

Open Banking commenced in July 2019 when the Big Four banks (ANZ, Commonwealth Bank of Australia, NAB and Westpac) started sharing product reference data. The first phase of consumer data sharing between the Big Four banks and accredited data recipients commenced on 1 July 2020. For other banks that are subject to the Consumer Data Right (CDR) their obligations will commence with the sharing of product reference data from 1 October 2020 and consumer data from 1 July 2021.

For the latest implementation timeline, visit The Treasury.

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