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 dishonour fees, avoiding failed payments and reducing the incidence of fraud.
Important Information: This web copy and white paper has been prepared by Basiq Pty Ltd (ABN 95 616 592 011) (Company), and was originally published on 14 December 2023 on www.basiq.io. Information is current as at the publication date, and the Company has no obligation to update or correct this web copy or white paper. The information contained in this web copy and white paper is of a general nature and is not intended to address the objectives or needs of any particular individual entity, and should not be regarded in any manner as advice. To the extent permitted by law, the Company and its related bodies corporate will not be liable for any errors, omissions, defects or misrepresentations in the information in this web copy and white paper or for any loss or damage suffered by persons who use or rely on such information (including for reasons of negligence, negligent misstatement or otherwise. © 2024 Basiq Pty Ltd.