Open banking

  1. 530 Posts.
    lightbulb Created with Sketch. 3
    Looking forward to seeing exactly how mortgage interest has been calculated. Could be long term 'errors' in the way interest has been calculated. No-one can see the source code of these systems to verify that the correct amounts are being charged. Very easy these types of 'errors'. For example, not applying repayments as credit's prior to calculating the interest amount each day or delay applying offset amounts by a few hours etc.

    https://www.abc.net.au/news/2019-12-20/open-banking-revolution-to-shake-up-the-dominance-of-big-four/11813498
 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.