Ping Identity, the Intelligent Identity solution for the enterprise, has announced the release of its Australian Consumer Data Right (CDR) sandbox environment to allow banks and fintech companies to jumpstart their CDR compliance efforts.
Under CDR rules, financial institutions must provide customers with greater access and control of their data. The aim is to make it easier for consumers to switch between products and services and to encourage more competition between service providers.
For tier one banks and large financial institutions, CDR-compliant data sharing needs to be in place by July 1. However, because of the pressures caused by the COVID-19 pandemic, tier two banks and smaller firms have been granted an extension until July 2021.
Ping Identity’s sandbox is a DevOps-driven environment, built on Ping technology, that can be deployed in minutes and includes the major technical and user experience requirements of the CDR specification version 1.2:
In the future, the CDR will expand to cover other industries like energy with a similar security model and other industries are likely to follow.
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