Data Sharing
Open banking is the term for financial institutions sharing data
Trust is the cornerstone of data sharing. It is at the centre of the many and varied data sharing arrangements in place today.
Trust is also the foundation of the Australian payments system. This system plays a crucial role in Australia’s economy and as the economy becomes more digital, it generates increasing amounts of data.
The data generated by participants in Australia’s payments system is high value data. It is used to solve problems, deliver benefits and meet obligations. For example:
- The industry shares fraud and financial crime data to ensure maximum resilience • Financial institutions share payments data with a range of private sector organisations to create new products and services
- Governments use payments data to help improve public services and regulate Australia’s financial system
Importantly, current approaches to data sharing are effective because they successfully protect consumers, maintain trust and balance the commercial interests of stakeholders. This is achieved through alignment of five core requirements:
- Consumer interests
- Privacy
- Security
- Compliance and Liability
- Commercial incentives
We believe we have a role to play aligning these requirements as data sharing is further explored.
