The Government has committed to applying Customer Data Right (CDR) to the sectors of energy, banking, and telecommunications. The CDR legislation means individuals are allowed to own their data by being given access to phone, internet, energy, and banking transactions. Consumers are also given full rights to control who can access and use their data.
In November 2017, the Australian Federal Government announced a new, wide-reaching Consumer Data Right. This will allow consumers to:
Open Banking is the application of the Consumer Data Right to the banking sector. It offers a way to give providers access to consumers’ financial information with complete security and transparency. Open Banking will be implemented in several phases, with the aim that all major banks will make:
The ACCC has mentioned previously that they can adjust time frames if necessary, so remaining banks will have an extra 12 months for each phase. Here is a breakdown of how Open Banking will be implemented in the Banking Sector:
To learn more about Consumer Data Right, download our free whitepaper here.