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Nov 25 2020 
Open banking – illion advocates for a less prescriptive approach
By Jarrid Ohanessian, GM illion Open Data Solutions
The ACCC has recently published the latest set of feedback on further changes to the Consumer Data Right (CDR) rules which are part of Australia’s emerging open banking system. These changes are aimed at making CDR data more widely available, with lower barriers to entry.
As Australia’s oldest and […]
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Nov 12 2020 
Open banking and the Consumer Data Right (CDR) – what are the benefits for lenders?
The first phase of open banking is well and truly live in Australia. With the Consumer Data Right (CDR) introduced in July 2020, consumers can now share their banking data with third party institutions such as other banks, credit unions, fintechs, online lenders and money management apps.
There are obvious benefits for consumers, but open banking […]
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Oct 30 2020 
Your open banking journey can now begin with illion
The Consumer Data Right will give Australians the ability to choose who they share their financial data with securely, efficiently and with full control.
Accredited lenders, fintechs and other firms can now also give their customers more insights about their spending and saving habits, and will be able to significantly improve assessment times, be more consistent in […]
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Oct 23 2020 
illion Open Data Solutions and Credit Simple now accredited open banking partners
illion is delighted to announce that both illion Open Data Solutions (ODS) and Credit Simple have been accredited by The Australian Competition and Consumer Commission (ACCC) as data recipients under the Consumer Data Right.
“With more than 100 years’ experience in the Australian and international financial arenas, we are proud to be amongst the first Australian […]
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Oct 12 2020 
New real time data: Western Sydney ‘toll town’
New data released today by illion shows a slew of new infrastructure has turned Western Sydney into ‘toll town’, burdening residents with a significant financial burden – tolls on the daily commute.
Data from the transactions of millions of commuters was used to calculate the average spending on tolls per household each week (May – September 2020).
It […]
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Sep 25 2020 
New real time data: textbook stimulus does its job
New data released today by illion shows how the Australian government’s textbook stimulus response offset falling spending in the rest of the economy.
During the COVID pandemic Australian consumer spending dropped very rapidly – down 21% below normal levels at the height of the pandemic.
In response, the Government implemented a strong set of stimulus measures. These […]
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Sep 15 2020 
New real time data: café culture booms in the burbs
New data released today by illion shows the important role coffee is playing in helping COVID-weary Aussies cope with the daily grind.
Whether it’s a time-honored cappuccino or a trendier macchiato, cafephiles in Sydney and Melbourne continue to feed their cravings for fresh ground caffeine in the suburbs.Coffee consumption in Sydney City, has fallen. However, the traditional […]
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Aug 28 2020 
New real time data: border closures fail to keep out COVID impacts
New data released today by illion has confirmed New South Wales was on the same downward spending trajectory as Victoria in early August, with its lowest spending since early June.
This week’s spend data, however, has seen New South Wales recover slightly to re-join other states, but it is still at 3% below pre-crisis levels.
Overall spending […]
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Aug 26 2020 
Three proven collections strategies in a crisis
COVID-19 has wreaked havoc on businesses, with late payments likely to influence business viability.
Late payments are back to 11 days, reflecting the difficult and uncertain trading conditions. In late 2019, the average days were at a 10-year low of less than 10 days late in business to business payments.
As businesses experience cash flow strains, or […]
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Aug 21 2020 
Optimising collections and debt recovery during COVID
COVID-19 has wreaked havoc on businesses, with late payments impacting business viability.
The most recent data by illion shows a sharp decrease in revenue in the first half of 2020 across key industries. Revenue decreased from above 100 per cent of index in February to 70 per cent in July 2020.illion’s trade payment data shows a […]
