We've launched our open banking platform in Australia

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Brenton Charnley, CEO – TrueLayer Australia & New Zealand
29 Sep 2021
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After months of preparation we've finally hit the red launch button for Australia: TrueLayer is now an Accredited Data Recipient (ADR) and we have big plans for the coming years.

We'll be helping local and international businesses navigate the Australian open banking regime, using our open banking platform. That includes the launch of our Consumer Data Right (CDR) sponsor programme, which will enable companies to access open banking in Australia whether or not they're fully accredited.

TrueLayer’s global mission is to open up finance and empower businesses in every industry to build better financial experiences.

We've been building a dedicated onshore Australian team since October 2020, welcoming new colleagues in leadership, product, software engineering and commercial. There's more to come this year and next (check out our open roles).

What this means for our customers

Our unrestricted ADR status gives us full access to open banking data under the CDR. But what does that mean for our customers?

We’ll start by helping our customers to create better financial experiences in three important areas:

  1. Credit and lending – helping both bank and non-bank lenders streamline assessment processes, make faster lending decisions, and responsibly identify eligible borrowers.

  2. Personal finance – helping people reach their financial goals by delivering exceptional experiences with faster onboarding, account aggregation, personalised insights, and – when payment-initiation is ready – instant account-to-account payments.

  3. Fintech and digital banking – helping to deliver exceptional customer experiences for people and businesses everywhere by connecting them with financial data through account and identity verification, faster onboarding, account aggregation and personalised insights.

Our Australian open banking platform will bring together our suite of proven APIs for data, verification and payments to harness the core functionality of the CDR. It will deliver powerful open banking data, powered by the same trusted technology that already connects millions of consumers and businesses in the UK and Europe.

Get to market faster with our CDR sponsor programme

We're also launching our CDR sponsor programme to enable you to access open banking data in Australia in the right way and go to market more quickly.

We're the only open banking platform operating in Australia with a track record of success in the heavily regulated UK market, where we sponsor more than 50 agents. That history, and our expertise in supporting third party compliance, puts us in a unique position to advise global companies expanding to Australia, and Australian companies heading overseas.

Payment initiation will be the frontier for open banking in Australia

Account-to-account payment initiation through the CDR has been recommended for Australia and its design is being considered alongside developments in the Australian payments industry.

Payment initiation is actively under consultation now, with a clear response expected from the government by the end of 2021. TrueLayer has contributed to these and related consultations by sharing our experience and learnings from processing billions of open banking payments in the UK and Europe.

From 1 October, we will also be an AFSL Corporate Authorised Representative of Amplus Global, enabling us to provide open banking payments in Australia.

We’re hugely excited about bringing the benefits of merchant-led payment initiation to merchants and consumers here.

We're committed to opening up finance in Australia

With our dedicated and expanding local team, backed by our global capability and commitment, we’re excited to help our customers in every industry to build better financial experiences in Australia: from making sense of their customers' financial data, to account verification and seamless payments in a few clicks.

Learn more about how TrueLayer can help you become a sponsored representative or fully accredited in this guide to accreditation.

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