Consumer Data Right

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Regional Australia Bank is using Microsoft’s Azure cloud to automate and streamline its loan applications under Open Banking, and plans to also share its customer data with third party fintechs by next year. The customer owned bank became the first Accredited Data Recipient of Australia’s Consumer Data Right in March,

Financial management software company Frollo today announced its app is the first to integrate data from Australia’s Consumer Data Right. Elsewhere, global accounting software giant Intuit joins Frollo as one of three accredited CDR data recipients, and says it is working to incorporate bank feeds into its software in Australia.

Consumer Data Right intermediaries will now be able to collect consumer data on behalf of accredited third party data recipients, with consumer consent, following rule changes by the regulator today. The changes, which come into effect October 2nd, should make it easier for fintechs to access the data by removing

86 400 today announced what it says is the first consumer facing feature to use open banking data in Australia. The neobank’s new savings account comparison tool pulls the saving interest rates of competitors into a “real time” comparison graph by using the product data some banks are now mandated

Frollo, a financial management software company, is the first fintech and second company overall to receive accreditation as a data recipient in Australia’s upcoming Consumer Data Right system. On Friday the ACCC announced Frollo will join Regional Australia Bank as accredited data recipients in the data portability scheme set to

Australia’s competition and privacy regulators today released their compliance and enforcement policy for the upcoming Consumer Data Right, opting for a “strategic risk-based” approach that will be updated regularly. In a joint announcement, the ACCC and the Office of The Australian Information Commissioner revealed it will have the right to

Open Banking is scheduled to begin in July but its benefits won’t be felt by most consumers for at least two more years, according to Robert Bell, CEO of 86 400, a neobank involved in the current testing phase. Bell told Which-50 that 86 400, which already uses customers’ external

Australia’s open banking regime begins in July but Australian businesses are already being urged to consider how the data sharing reform will impact them, regardless of their industry. That’s because the Consumer Data Right, the legislation which underpins open banking, is an economy-wide consumer and competition reform which will have

The implementation of Australia’s Consumer Data Right – the data portability scheme which will enable Open Banking – has been delayed until July 2020, giving banks an additional four months to prepare.  The ACCC, which had been planning to begin the scheme in February following the current testing phase, announced

Regulators today revealed Australia’s upcoming Open Banking regime, currently in a testing phase, has missed several milestones and is under pressure to meet its February 2020 go live date. Open Banking is the first use case of Australia’s new Consumer Data Right, a data portability scheme designed to encourage innovation