CDR+ provides unprecedented industry-led pathway to Action Initiation
Founding member Biza.io invites industry to contribute to the drafting of new technical specifications through the CDR+ initiative.
Australian consumer data leader Biza.io has today announced the launch of CDR+, an industry-led initiative for extending and enhancing the features of Consumer Data Right (CDR) beyond the current government mandate, focusing initially on introducing voluntary Action Initiation functionality. Biza.io, which recently won the Award for Excellence in RegTech at the 2023 Fintech Australia Awards, is the founding member of CDR+ and has begun publishing baseline specifications.
CDR+ collaborators will develop the extension specifications, enabling those in the CDR ecosystem who choose to participate to introduce and/or utilise the new functionality on an open and royalty-free basis. The priority will be to draft specifications for Action Initiation, creating a new channel for consumers to instruct a business to initiate actions on their behalf once consent is given. This could include instructing participants to make payments, update details across multiple providers, switch to a new provider or open and close an account on your behalf.
Biza.io will leverage the CDR+ specifications in their Holder-as-a-Service (HaaS) offering, giving their customers, which represent 14% of banking consumers and more than 75% of energy consumers, access to new features without having to wait for government standards to be defined and ratified.
Stuart Low, Founder and CEO of Biza.io commented, “There is currently no mechanism to incorporate external specifications into the Data Standards, only a means of suggesting the government start drafting something. We realised that in order for the CDR to reach its true potential, its evolution must move faster. An industry-led initiative is the only feasible way we see to achieve this. Biza.io is in a position to lead and intends to do so.”
“We’ve waited long enough to see the progress we need. It’s now up to us as an industry to affect change and that’s why we wanted to create an initiative that is focused on industry collaboration purely for the betterment of the CDR not the enrichment of the few.”
“We encourage everyone to contribute to CDR+, to use it, and to benefit from it.”
CDR+ is an extension of the CDR Data Standards written in an international format and released royalty-free under the MIT license. Biza.io is wholly committed to open standards development and contributions to the drafting of any specifications are done on a non-commercial basis.
Biza.io is inviting any interested technical implementers in either the data holder or recipient space to collaborate on CDR+.
