Article: Why the 2021 Federal Budget was promising for open banking

Money, Open Governance

Why the 2021 Federal Budget was promising for open banking

This year’s Federal Budget, which focused on Australia’s economic recovery from the COVID-19 pandemic, included a $1.2 billion technology package centered around digital skills and cyber security. While it was relatively quiet for the FinTech sector, the announcement of a $113 million investment into the rollout of the Consumer Data Right (CDR), the legislation behind open banking, has the power to spearhead growth in the finance sector and increase Australians’ financial wellness.

The Australian Government announced the introduction of a CDR in 2017. The CDR, which Envestnet | Yodlee recently became an accredited member of, set out to give consumers greater access to, and control over their data, improve their ability to compare and switch between products and services, and encourage competition between service providers.

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Article: Envestnet | Yodlee and Financial Dots team up to boost open banking services in the UK

Innovation, Money, Open Governance, Open Space

Envestnet | Yodlee and Financial Dots team up to boost open banking services in the UK

Financial Dots Limited has selected data analytics platform Envestnet | Yodlee to provide open banking and non-open banking data services for its customers with an initial client focus in the United Kingdom. The collaboration will enable Financial Dots’ customers to view all of their cross-border financial accounts and investments in one place.

Financial Dots stated that it has launched the interface to focus on customers that are dealing with cross-border challenges, helping them navigate the complex environment of their own financial and personal circumstances.

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Article: Open banking is big. Here’s why open finance is bigger.

Money, Open Governance, Open Source

Open banking is big. Here’s why open finance is bigger.

The open banking movement is part of a much larger open finance trend. In this VB Live event, learn how open finance and access to alternative data can revolutionize customer experiences, spur innovation, improve efficiencies, increase demand, and more.

Open banking starts with the premise that consumers have the right to access the data that’s  held by their financial institutions — and permit that data to be used by third-parties for the consumers’ benefit. But this is only the beginning, says Brian Costello, VP, Data Strategy & Governance at Envestnet | Yodlee, as the open banking movement becomes part of a much larger open finance trend.

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