Australia looks at forcing banks to build APIs to share data by 2018

Australia looks at a new initiative that forces banks to build APIs to share data by 2018. Hereby empowering consumers. “We are strongly in favour of ensuring that consumers have better access to data and that third parties can then use it to offer services and identify opportunitys” Peter Kell, Deputy Chairman of ASIC.

The House of Representatives Standing Committee on Economics in Australia released their first report that reviews the four major banks in Australia. Interesting recommendations has been made in order to strengthen the performance of Australia’s banking and financial system. The report recommends that the Deposit Product Providers should be forced to provide open access to customer and small business data by July 2018. Australian Securities & Investments Commission should be required to develop a binding framework to facilitate the sharing of data, make use of APIs, and ensure that appropriate privacy safe guards are in place. The committee believes that there is a strong case for increasing access to, what the banks themselves regard as “customers” data. This includes, for example, a customer’s transaction history, account balances, credit card usage, and mortgage payments.

Link to report

Final – Review of the Four Major Banks First Report.pdf

Page 37 for recormmendation no. 4 on open API