Consumer Data Right accreditation open to fintechs and banks

26 May 2020

The ACCC’s launch of the Consumer Data Right Register and Accreditation Application Platform (RAAP) and the Consumer Data Right Participant Portal today will enable businesses to apply to become Accredited Data Recipients. 

This marks a significant development in the delivery of the Consumer Data Right because the RAAP is the IT backbone of the Consumer Data Right.

The RAAP has two main functions, to create a trusted data environment where encrypted data is only shared between approved participants; and to provide a portal where businesses can apply to be accredited.

“This launch of this Consumer Data Right platform and portal means businesses of all sizes can take the first steps towards to being part of this crucial economic reform,” ACCC Commissioner Sarah Court said.

“As more businesses become accredited over time, consumers will benefit from an increasing number of innovative services and a vastly improved experience that puts them in control of their data.”

“We are encouraging businesses wanting to participate in the Consumer Data Right regime to apply for accreditation and take part in reshaping banking competition in Australia,” Ms Court said.

The ACCC has also published the Consumer Data Right Accreditation Guidelines to assist applicants with the accreditation process. 

Sharing of banking data securely between major banks and initial Accredited Data Recipients will commence on 1 July 2020.

Background

The Consumer Data Right will give consumers the right to safely access their data held by businesses and direct it to be transferred to trusted third parties of their choice.

The Consumer Data Right Participant Portal and more information is available at: https://portal.cdr.gov.au/

Release number: 
104/20
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