Pattrick Smellie: BusinessDesk managing editor on the big four Australian banks receiving 2024 deadlines for open banking

The big four Australian banks have been given a deadline for establishing open banking standards. Payments NZ’s API Centre has published a “minimum open banking implementation plan”, giving ANZ, ASB, BNZ, and Westpac until 2024 to prepare. Open banking refers to the tech-driven revolution in financial services overseas involving non-bank tech companies improving services for consumers. BusinessDesk managing editor Pattrick Smellie says this 2024 deadline was a 'regulatory stick' for the banks to push forward with open banking. LISTEN ABOVESee omnystudio.com/listener for privacy information.