The ACCC’s Conformance Test Suite forms an integral part of the Consumer Data Right onboarding process, allowing participants to test their compliance with the Consumer Data Standards and Consumer Data Right Register design. The ACCC testing takes place in a secure environment without exposing consumer data, nor interfering with live software products and brands.
According to the official press release, the CDR regime has been slow to start in Australia as many fintechs seeking to access customer data through the Open Banking scheme have found that the costs of connecting are prohibitive.
An example is that the accounting software industry that represents numerous businesses across Australia that need accurate reliable access to banking data. As stated in the official press release, Open Banking, at present, is not the panacea the industry was hoping for, due to high costs of compliance, and limitations on how data can be moved between accounting applications.
Recent regulatory changes have sought to enable Open Banking to provide a viable addition to existing infrastructure.
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