Interbank Account Data Sharing In Hong Kong

The Hong Kong Monetary Authority announced on 23 October the Interbank Account Data Sharing (IADS) initiative and the launch of the IADS Developer Platform, enabling banks to securely and efficiently share bank account data with other banks, subject to customer consent. The IADS pilot programme commenced in January this year, with a total of 28 participating banks. The programme has established the rules and standards facilitating interbank customer-consented data sharing, covering retail, corporate and small and medium-sized enterprise (SME) customer segments. This allows banks to share customers’ deposit account information (including account availability, status, balances and transaction records) with other banks, subject to customer consent. The initiative aims to encourage the industry to launch more innovative data-driven banking products and services, thereby enhancing customer experience. (Photo by Kobe Li/Nexpher Images)