Australian Treasury proposes to lower barriers to CDR participation

Rule amendments include changes to reduce barriers to participate in open banking and increase participation in the CDR by data recipients and consumers.

Australia’s Treasury has released exposure draft amendments to the CDR (Consumer Data Right) rules and explanatory materials for consultation.

The CDR scheme – which underpins open banking in Australia – commenced roll-out last year to give consumers better control over their data and empower them to compare and switch to cheaper products. Commonwealth Bank, ANZ, Westpac and NAB first joined the CDR in July 2020.

All banks and credit unions are now expected to share basic consumer data with individuals and registered data holders.

Currently, 16 data holders and 16 additional brands are live and sharing data as part of the CDR. Newly accredited data holders under the CDR scheme include AMP, Bendigo and Adelaide Bank, and Tyro. The full list can be found here.

The ACCC (Australian Competition & Consumer Commission) says it is working to ensure that any remaining non-major ADIs meet their data-sharing requirements.

The latest CDR rule amendments include changes to accelerate the benefits of the CDR for consumers by reducing barriers to participate in open banking and by allowing more Australians to leverage their data in common banking scenarios.

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Source: Australian Treasury Proposes to Lower Barriers to CDR Participation