It allows banks and fintechs to become accredited data recipients, representing a step towards the launch of the Government’s Consumer Data Right (CDR) regime.
The CDR gives consumers and small businesses control over their personal information, giving them the power to instruct businesses, such as banks and fintechs, to provide safe and secure access of their data to trusted third parties.
The RAAP provides a portal where businesses can apply to be accredited to be able to transmit data under the CDR regime. It also represents the core IT infrastructure that will support the delivery of the CDR ensuring that consumers’ data is only shared securely between parties that are accredited by the ACCC.
The Consumer Data Right in banking, otherwise known as Open Banking, is set to launch in July 2020. The application process is initially open to the fintech community and prospective data recipients can apply for accreditation at the Consumer Data Right website.
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