TrueLayer Quarterly: what we've been doing

As the first specialist open banking player in Australia with connectivity, the start of 2022 has been particularly special for TrueLayer and our clients.

The start of 2022 has been huge for all Consumer Data Right (CDR) players, but it's been particularly big for us at TrueLayer: we are now a live player in Australia!As the first specialist open banking participant here with connectivity, we have some exciting plans in motion for data-enabled payments (where we combine our Data API with payments to supercharge how we pay in Australia) and turning CDR data into decision-making insights. Here are some of the things we've been most proud of this quarter:But it wasn't just TrueLayer hitting critical milestones. So was the CDR.From 1 February 2022, the CDR unlocked three new access models: the Sponsor–Affiliate pathway, Trusted Advisers, and CDR Insights. And the date also marked the final phase of the staged rollout of open banking in Australia. As compliance and regulatory ANZ lead Jodi Ross said at the time, we expect to see these models to create a boom in open banking innovation.

Leading the discussion around open banking

As well as bringing a global perspective to Australian open banking, we're sharing new ideas and outlining where we can see the sector going in the future. We can do thanks to our local CDR specialists like Jodi, Rob Hale our head of ANZ banking, and former Westpac open banking expert John Harrison who is our product manager (data), all of who are at the cutting edge of open banking thinking in Australia.We value our relationships with our clients and industry partners and have organised an event on 28 April to discuss the CDR tipping point. And for those who are interested in knowing more about our platform, we have a virtual event presenting our Data API product on 5 May.These are the ideas we've been sharing, and the vision we've been able to outline thanks to our six years of experience doing open banking in the UK and Europe:
  • Use cases: these are the 'how' of how you can use open banking in Australia. We've dived into wealth management and personal financial management, the rising sectors in Aussie fintech, and touched on ecommerce – one area which open banking is set to fundamentally transform.
  • Data-enabled payments. PayTo is Australia's first foray into modern payments, but it'll be open banking which sets this sector on fire. Here's where we see PayTo fitting under the CDR umbrella.
  • And we mentioned the new access models earlier but the CDR Insights are one pathway where we expect serious innovation to emerge from. Here's how.
  • Do you need open banking data, or do you need decisions? We're thinking about the next step of the CDR: turning that wealth of data into useful decision-making information.

Behind the scenes

The CDR is an evolving ecosystem. Participants like TrueLayer must keep policy makers and regulators abreast of how the CDR is working in a practical sense, and provide insights into how it could grow in the future. During the past quarter Jodi and Rob have represented TrueLayer at CDR roundtables and discussions, and we have also made a submission to Treasury's Open Finance consultation, which is proposing expansion of the CDR to include non-bank lenders. TrueLayer’s vision is to open up finance and as such we welcome the proposed extension of the CDR to Open Finance. In combination with open banking, it has the potential to ignite a new generation of financial products, giving consumers more control over their financial lives and injecting competition into sectors that have stood still for too long. We think there are a number of steps that can be taken to increase the commercial incentives to drive CDR uptake, including a phased banning of screen scraping, removing the reciprocity rule that applies to non-bank lenders, optimising the customer experience for CDR consent, and establishing an independent implementation entity with the mandate to address compliance issues.TrueLayer is also working on a submission for the Federal Government's statutory review of the CDR. The review is asking for feedback on whether and how the CDR statutory framework is fit-for-purpose and fulfilling its purposes of providing benefits for consumers, increasing competition, and driving innovation.

Coming up next

If the start of 2022 was busy, the June quarter won't see us slowing down. We are celebrating going live with our Data API with a party in late April and a webinar to explain how it will all work. By then our developers will already be hard at work on the next phase of our Australian adventure – the Verification API, which will streamline some of the data processing legwork and add new features to further open up how customers can use CDR data.We're looking forward to announcing several new clients.If you're keen to explore how you can be a part of the TrueLayer story, contact us to start the conversation.
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