Commonwealth Bank (CBA) is excited to announce the launch of the first phase of the nation’s Open Banking regime for consumer data sharing, which will allow the bank to deliver greater industry leading products and services to more Australians.
CBA has made significant investment in the critical infrastructure required to better support Australia as a leading digital economy, consistent with the Government’s framework. This has required a major effort, particularly during coronavirus, to deliver the nation’s first official consumer data sharing regime.
Angus Sullivan, CBA’s Group Executive of Retail Banking Services, said: “As Australia’s largest bank, with our leading digital services including the CommBank app and NetBank, we are excited by the opportunity to deliver greater industry leading products and services to even more Australians.
“The investment in Open Banking will allow a well regulated and secure framework for the sharing of customer data in Australia and a substantial improvement over other, unsafe practices,” he said.
CBA will continue to invest in the Open Banking regime to ensure it reaches its full potential and benefits CBA’s current and future customers.