The CDR ecosystem will enable Australia’s incoming open banking regime which goes live from February 2020. Testing participants were selected for their ability to meet the accreditation criteria by February 2020, their readiness to participate in testing and their proposed use case for the data. The accreditation process will run in parallel with testing.
Open banking allows an individual or business to request an institution holding certain data about their use of its services, to make that data available to a third party. In Australia, open banking is based on the recently passed Consumer Data Right legislation.
It is designed to provide greater transparency to consumers and businesses, making it easier for them to switch products and find better deals. It uses open Application Programming Interfaces (APIs) to enable third-parties such as Identitii to build applications and services around the financial institution.
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