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Australia introduces Consumer Data Right for data sharing

Friday 3 July 2020 12:13 CET | News

The Australian Competition & Consumer Commission (ACCC) has launched the mandatory Competition and Consumer (Consumer Data Right) Rules.

In February 2020, the ACCC declared the rules which provide legislative force to consumer data-sharing obligations in banking, to become mandatory from July 1, 2020. Following the launch of the rules, consumers can now choose to share their banking data to access personalised financial products and services.

Four Australia-based banks (ANZ, Westpac, Commonwealth Bank and NAB) are capable of sharing their customers’ data when requested by the customer. Other authorised deposit-taking institutions will join the Consumer Data Right in 2021. Individual customers can request their bank share their data for deposit and transaction accounts, credit, and debit cards. 

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Keywords: Australian Competition & Consumer Commission, ACCC, Competition and Consumer Rules, Consumer Data Right, data sharing, banking, Australia, banking data, credit cards, debit cards
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Australia
This article is part of category

Banking & Fintech