The ACCC (Australian Competition and Consumer Commission) has deferred the implementation and launch of the Consumer Data Right (CDR) in the banking sector to July 2020, according to Regulation Asia.
Under the original timeline, the four major banks were meant to make credit and debit card, mortgage, deposit and transaction data available to ‘accredited data recipients’ via APIs – subject to customer consent – in February 2020.
Under the new timeline, credit and debit card, deposit and transaction data will instead be available starting on 1 July 2020, while mortgage and personal loan data will be available from 1 November 2020.
The updated timeline will allow additional implementation work and testing to be completed, and better ensure necessary security and privacy protections operate effectively.
The ACCC will make the CDR Rules in January 2020 that reflect the adjusted timetable, and will conduct further consultation regarding any consequential changes to the other phases of the CDR.
Australia’s Parliament passed the CDR legislation in August 2019, granting customers the right to ask banks to share their data with other trusted institutions, and providing legal basis for the Open Banking initiative.
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