Grant Augustin, Founder and Managing Director of SISS Data Services, weighs in on a significant milestone in the evolution of Open Banking in Australia, now accessible to businesses through the Consumer Data Right's new 'business disclosure' revision.

“Today marks the day that Open Banking finally goes large in Australia," said Augustin. "From today, businesses have the freedom to securely share their bank data with third parties,  enabled by the Consumer Data Right’s new ‘business disclosure’ provisions.”

The expansion of Open Banking in Australia, now extends its benefits for the business sector. This enhancement allows businesses to integrate their banking data with a broad range of financial tools such as ERP and accounting software, facilitated by a Network of Accredited Data Recipients.

This leap in Open Banking capabilities is set to transform how businesses make financial decisions. Access to a wider array of data promises more informed and strategic decision-making. Additionally, the move addresses critical security concerns, significantly reducing the reliance on insecure practices like password sharing and screen-scraping software.

"ACSISS has always been at the forefront of providing secure, quality financial data feeds. Now, with Open Banking's expansion, we're excited to offer businesses access to a broader range of banking data, empowering them to make more informed decisions," added Augustin. 

This new phase of Open Banking is expected to revolutionise business decision-making processes, providing access to comprehensive data while addressing critical security issues that have long plagued the financial sector. 

"Today marks a coming of age for open banking in Australia, and with it, a great step forwards for Australian businesses." concluded Augustin.