Exemptions deferring PAR implementation for initial data holders

Trader

Australia and New Zealand Banking Group Limited (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank Limited (NAB) and Westpac Banking Corporation (Westpac)

Summary

On 13 August 2020 the Australian Competition and Consumer Commission (ACCC) granted exemptions under s56GD of the Competition and Consumer Act 2010 (Cth) to each initial data holder, deferring the scheduled commenced date for implementation of the Pushed Authorisation Request (PAR) component in the Data Standards until 1 February 2021.

The ACCC granted the exemptions in response to applications from each bank, and in recognition of the current challenges associated with delivering PAR in November 2020.