Open Banking to power business growth

Open Banking will be extended to business banking channels, opening the door to a broad range of tools and services for businesses, Commerce and Consumer Affairs Minister Scott Simpson and Small Business and Manufacturing Minister Chris Penk
say.

It means businesses can share their banking data with trusted providers, unlocking faster loan comparisons, automated accounting, and smarter cashflow tools to boost competition and productivity. 

“This is about making life easier for businesses. It means fintechs can develop new tools for businesses which can mean less time on paperwork and admin, and more time focusing on customers and growth,” Mr Simpson says.

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