Around 20 banks may be part of the open banking framework in Australia when it creaks into action in July.Andrew Stevens, chairman of the Data Standards Body for the Consumer Data Right implementation told the Intersekt conference in Melbourne yesterday: "By February you need to be in testing mode, if you are going to be a trusted data recipient by July."Draft standards will be finalised this Friday."We do see this as a major competitive spur," said Scott Gregson, ACCC executive general manager.Broad thinking on how this is so was typified by Danny Gilligan, head of Westpac-linked Reinventure."There's an opportunity for banks to become the biggest resellers of telcos and energy services, based on consumer spending," Gilligan said.Cooperation among financial institutions via comprehensive credit reporting is making an impact on credit availability.Stuart Stoyan, CEO of MoneyPlace, said since major banks joined in with CCR around three months ago, 90 per cent of personal loans funded by his firm had been at a lower interest rate.