Listed fintech company Identitii has announced it has been selected by the Australian Competition and Consumer Commission (ACCC) as one of just 10 companies to test the Consumer Data Right (CDR) ecosystem, which will enable Australia’s incoming open banking regime scheduled to go live from February 2020.

The global transaction volume of non-cash payments is growing rapidly, including in Australia, with non-cash transactions booming and competition flourishing, despite many banks remaining reluctant to embrace open banking via data sharing, ecosystem partnerships and open platforms, according to a new report.

Global payment services provider SWIFT has published a new API standard for the pre-authorisation of funds which it says paves the way for further innovation in financial services enabled by Open Banking.