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Third party payment initiation in Australia is expected to go-live in mid 2022 via the New Payments Platform (NPP’s) PayTo. PayTo is an incredibly exciting development and will revolutionise the way consumers both pay and manage their payments. The Consumer Data Right (CDR) is also looking at payment initiation under its next policy iteration of ‘Action Initiation’.
The Australian Government has just taken a big step forward in facilitating a more inclusive Open Banking ecosystem by formalising Version 3 of the CDR rules to include a ‘Sponsorship’ model. This is great news for us and our customers and we detail some key wins below.
When it comes to Open Banking, we often get asked about its rollout and when it will reach critical mass. In this blog post, we discuss how the CDR will evolve and the importance of being able to ‘dynamically switch’ between multiple data sources.
Based on our accreditation experience, we’re providing guidance on the top priority items organisations need to start focusing on now, in preparation to receive CDR Open Banking data. This is the first in a series of articles where we’ll be providing actionable and specific insight into the CDR.
This piece will focus on the confluence of Proptech and data – specifically how you can use financial data to assist with multiple touch points involved in renting a residential property.
Open Banking payments represents the confluence of payments and data. This piece gleans what Open Banking Payments means within the Australian regulatory landscape, the industry players and the benefits for merchants and consumers alike.
