NatWest Bank and National Australia Bank (NAB) of Australia announced the need to consider the possibility of creating an organization in the Australian financial system like the British OBIE, which would help ensure the maximum level of efficiency of interaction between industry representatives and regulatory authorities.

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Australia and the UK have made significant progress in developing open banking services and creating conditions for their successful functioning. Summing up the intermediate results of this process in two countries, NatWest and NAB jointly wrote a “White Paper”. This analytical report focuses on common themes that establish the relationship between the Australian Consumer Data Right (CDR) and the British open banking regime.

CDR was created based on the open banking model. This system differs from its original basis in that it is not limited to the exchange of banking information and the provision of payment services. CDR is an under-development system that provides data portability across the economy.

The UK is also looking to move beyond banking and finance and move towards open data.

Financial institutions in a joint report state that both countries are moving in the right direction in modernizing the financial system and changing the format of its existence in the context of the global economy. But banks state the need to reform this process in order to achieve compliance with technological changes and create space for the maximum realization of the potential of the systems.

NatWest and NAB argue that the reforming will also increase competition and ultimately benefit consumers in Australia and the UK.

Financial institutions justify the need to create an Australian analog of OBIE by the fact that an organization of this type ensures the most effective cooperation between regulators and the industry. Experts also believe that the UK should focus on Australia’s successful actions aimed at creating a general economic data exchange regime.

In both cases, according to NatWest and NAB, the role of digital identity should be provided, without which it is impossible to provide the promised benefits to consumers and the economy.

As we have reported earlier, Natwest Waives Customer Charges for Pocket Money Cards.