The Australian Competition and Consumer Commission (ACCC) is today launching the Consumer Data Right Register and Accreditation Application Platform (RAAP) to allow banks and fintech businesses to become accredited data recipients, representing another major step towards the launch of the Government’s Consumer Data Right (CDR) regime.
The CDR gives consumers and small businesses greater control over their personal information, giving them the power to instruct businesses, such as banks and fintechs, to provide safe and secure access of their data to trusted third parties. This will allow consumers and small businesses to make better decisions regarding the products and services they purchase and enable them to switch between providers more easily. The CDR also allows new competitors to enter the market and challenge existing providers.
The RAAP provides a portal where businesses can apply to be accredited to be able to transmit data under the CDR regime. It also represents the core IT infrastructure that will support the delivery of the CDR ensuring that consumers’ data is only shared securely between parties that are accredited by the ACCC.
The Consumer Data Right in banking, otherwise known as “Open Banking”, is set to launch in July 2020. The application process is initially open to the fintech community and prospective data recipients can apply for accreditation at the Consumer Data Right website.