Westpac Group has launched generic product data to lend its support open banking in Australia.
The move forms a part of the federal government’s pilot programme.
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The lender was associated with the design of the system and voluntarily shared some data through application programming interfaces (API).
Westpac chief data and strategy officer Jamie Twiss said: “Westpac is focusing on creating a trusted open banking regime that is secure, flexible and easy to use for all Australians.
“The pilot programme will lay initial foundations to test the performance, reliability and security of the system before any personal consumer data is shared.
“It will also give software developers and fintechs a network of financial institution’s data to build and improve financial services.”
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By GlobalDataAt the end of last year, the Australian government set out its plans to introduce open banking in the country. The system will be rolled-out in phases, the first of which is the release of generic product data.
Open banking is a system provides customers with data from different financial institutions through APIs. The system offers customers with more options to manage their finances enabling them to compare and choose products.
It is also expected to encourage more competition across the banking sector.
In March this year, Westpac introduced a fixed pay rise for the frontline tellers replacing the incentives scheme. The move aimed to improve customers experience at the branches.
