The Morrison government will consider letting non-banks initiate payments under its "open banking" regime, a move that could wrest control of a core function away from major banks and provide a leg-up to fintech disrupters.

In a move likely to be opposed by major banks – who are already struggling to maintain control of payments given the rise of "buy now, pay later" operators like Afterpay – providing "write access" under the government's "consumer data right" would let a third party make a payment from a customer’s account on behalf of that customer, without them needing to engage their bank.