Australia's Consumer Data Right (CDR), officially launched on July 1[1] with the first tranche, an open banking-like regime, requires financial services providers to share a customers' data when requested by the customer.
From November 1, new data became available for sharing, including account types such as home loans, investment loans, personal loans, and mortgage offset accounts, as well as joint accounts. New datasets also included direct debits, account payees, and scheduled payments.
Next on the list will be data sharing for business customers, which is set to commence early next year.
Here's more: Australia's Consumer Data Right: Here's everything you need to know[2]
Speaking at the Future of Financial Services 2020 virtual conference on Thursday, Australian Competition and Consumer Commission (ACCC) CDR executive general manager Paul Franklin said one of the regulator's main focuses has been expanding the pool of accredited data recipients.
"For the consumer benefits of the consumer data right to be fully realised, it's critical for there to be a broad range of data recipients participating in the system," he said. "We currently have several more applications for accreditation under assessment and a large number of organisations who have started to draft their applications."
He said current applicants provide services ranging from accounting, digital identity solutions, digital wallets, lending, bill payment management, budgeting, payroll management, product comparison to technology services.
According to Franklin, it's always been the ACCC's intention to introduce additional tiers of accreditation.
"Through October, we've been consulting on rules that we'll introduce, new restricted tiers of accreditation and rules to allow consumers to consent to the disclosure of consumer data to third parties and increase functionality to improve the consumer experience," he said.
"Part of the focus of these proposed changes is on lowering barriers to entry by reducing some of