Colin Porter spent $1 million getting open banking accreditation, only to find bank business account data isn’t flowing, so the regime is useless for his start-up.
The data sharing regime known as open banking is useless for business accounts because banks have made it ‘opt-in’, according to a start-up founder trying to use it.
“It is really frustrating to be the guinea pig that has built the system, only to find out it actually doesn’t work,” Mr Porter toldMr Porter said PayOK will continue to use ‘screen scraping’ to access bank account data outside the regulated regime, but until the opt-in treatment is switched to one of opt-out, business accounts will not benefit from the CDR.
to allow its anti-fraud software to prevent payment redirection scams, a problem because bank IT systems do not link the two basic data sources. The major banks’ web pages show the friction that has been added to the process. Westpac requires a data sharing authority to be provided via an authorisation form that needs to be printed and taken to a branch. Commonwealth Bank also asks customers to print a form and email it back to the bank before any data can be shared.
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