Last week marked the deadline for submissions to the federal government’s consultation on the framework, which if adopted could allow consumers and businesses to make their financial transaction data available to third parties.
That information is currently controlled by banks and other financial institutions used by the consumer. If that data was portable, however, other parties could potentially use it to better price or tailor products or services, such as an app that would let a customer keep tabs on all of their accounts at various banks through a single dashboard, without violating their bank’s terms and conditions. Open banking could make switching accounts easier as well.
Read More.. Source Financial Post