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Write access and the future of third party payment initiation

Basiq and Ernst and Young Australia have teamed up 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 third party payment initiation, proving that the Consumer Data Right is a world leading piece of legislation, drawing upon lessons from the UK and EU.

What are some of the key
takeaways from the
White Paper?

Payment initiation

The most common form of payment initiation is direct debit but this doesn’t leverage data to ensure payment success. Two new approaches have emerged to solve for this with the NPP & CDR Action Initiation.

Evolution of Open Banking

Open Banking enables consumers to freely share their consented financial data with trusted third parties. The CDR is currently predicated on ‘read access’ only.

Benefits of smart payments

The use of data in executing payments eliminates many issues currently faced with direct debits. These include the elimination of dishounour fees, avoiding failed payments and reducing the incidence of fraud.