Westpac has suggested that the Australian federal government should create data-sharing governance standards in order to protect the privacy of consumers and stop the loss or misuse of banking data. ANZ joined forces with Westpac, with the one firms agreeing with a parliamentary committee report requesting banks offer “open access” to customers’ data, adding the need for such standards across the sector looking at use, security and secure access. ANZ head of payment Anne Collard said "there remain a number of issues that need to be resolved", most importantly "privacy and security concerns".
Westpac has suggested that the Australian federal government should create data-sharing governance standards in order to protect the privacy of consumers and stop the loss or misuse of banking data. ANZ joined forces with Westpac, with the two firms agreeing with a parliamentary committee report requesting banks offer “open access” to customers’ data, adding the need for such standards across the sector looking at use, security and secure access. ANZ head of payment Anne Collard said "there remain a number of issues that need to be resolved", most importantly "privacy and security concerns".