Basiq and Ernst and Young have collaborated to write a comprehensive white paper looking at the future of write access in Australia. It compares and contrasts two implementations of ‘write access’ for payment initiation – one falling under the Consumer Data Right (CDR) and the other under the New Payments Platform (NPP’s) PayTo.
Third party payment initiation in Australia is expected to go-live in mid 2022 via the New Payments Platform (NPP’s) PayTo. PayTo is an incredibly exciting development and will revolutionise the way consumers both pay and manage their payments. The Consumer Data Right (CDR) is also looking at payment initiation under its next policy iteration of ‘Action Initiation’.
This piece will focus on the confluence of Proptech and data – specifically how you can use financial data to assist with multiple touch points involved in renting a residential property.
Action initiation under the CDR isn’t just about sharing data, but doing something once that data is shared. So what are the proposed frameworks for Action Initiation’s future?
Open Banking payments represents the confluence of payments and data. This piece gleans what Open Banking Payments means within the Australian regulatory landscape, the industry players and the benefits for merchants and consumers alike.