The data sharing regime known as open banking is useless for business accounts because banks have made it ‘opt-in’, according to a start-up founder trying to use it.
Colin Porter says it is disappointing to be a crash test dummy for the consumer data right, after his start-up PayOK spent $1 million during a nine-month process to get accredited as a data recipient, only to realise open banking was completely ineffective because no business account data is flowing.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
