ACCC invites companies to test open banking data sharing

The ACCC (Australian Competition and Consumer Commission) is inviting interested parties to become accredited data recipients in the CDR (Consumer Data Right) ecosystem from February 2020.

CDR legislation was passed earlier in August 2019, providing the legal basis for open banking by granting customers the right to ask banks to share their data with other trusted institutions. The CDR will also later be rolled out in non-financial sectors including energy and telecommunications.

Under the open banking regime, Australia’s four major banks will have 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.

The ACCC will be charged with maintaining the details of participants the data-sharing ecosystem in a CDR Register. It is now seeking to test key variables and the interoperability between the CDR Register, data holders, data recipients and consumers.