The ACCC announced the new consumer data right (CDR) sandbox in its latest newsletter, stating the sandbox will assist participants to stand up and test the readiness of their systems for Open Banking. Nearly one in three smaller banks missed Open Banking compliance deadlines because either they or their core banking vendors did not have the resources available to make the necessary system changes, iTnews reports.
The CDR sandbox will be free to use and will allow participants to utilise their own test data to trial against a mock solution created by the ACCC, or to network directly with other participants to exchange test data. The sandbox will also come with a management portal to assist participants with the integration and management of their own solutions within the sandbox environment.
The CDR sandbox is ‘tentatively scheduled for release in Q2 2022’ with further details to be announced closer to the date.
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