Global Regulatory

Westpac accredited as data recipient under Open Banking

By Regtech Africa October 8, 2021

Head of the Australian Competition and Consumer Commission (ACCC), Gordon Samuel, speaks to a press conference as he holds a report which rejects a revised proposal from Qantas Airways and Air New Zealand to form an alliance, in Sydney 09 September 2003. Samuel said there was no reason to change the original determination and that the proposed alliance was anti-competitive and would result in higher prices and reduced trans-Tasman services for the travelling public. AFP PHOTO/William WEST (Photo credit should read WILLIAM WEST/AFP via Getty Images)

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Australian Competition and Consumer Commission has approved banking group Westpac as an Accredited Data Recipient under the Consumer Data Right.

According to company officials, Westpac supports the increased competition and innovation from Open Banking, which allows consumers to securely share selected banking data with trusted third parties.

The bank has worked alongside the Federal Government and regulators as the Consumer Data Right has evolved for the banking sector, and will continue to focus on ensuring implementation and consumer education around Open Banking

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