‘Frustrating to be a guinea pig’: open banking no use for SMEs

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.