How to access Open Banking now – become a CDR representative
As of 19 October 2021, there is an accelerated pathway into Australia’s open banking scheme to access Consumer Data Right (CDR) information, without having to jump through the many hoops involved in unrestricted accreditation. Under the CDR representative model, businesses can gain access to open banking data while waiting to become fully accredited. With the support of an unrestricted Accredited Data Recipient (ADR) like Fiskil, you can fast track your business’ access to CDR data.
How does the CDR representative model work?
The CDR representative model allows unaccredited organisations to access CDR data through a ‘principal’ – that is, an unrestricted ADR like Fiskil. The principal ADR then fetches open banking data for the CDR representative company and support its compliance.
At a high level, the unrestricted principal ADR and CDR representative company can enter into a “CDR representative arrangement” for the CDR representative to provide goods and services to the consumer, using the principal’s CDR policy. The unrestricted principal could provide the infrastructure for collection of CDR data, consent screens, CDR storage and dashboards, thereby reducing the costs and obligations on the CDR representative.
The benefit of this approach is that your business fast track its access to CDR data and start developing consumer driven products sooner.
Steps to become a CDR Representative
To become a CDR Representative, you will need to go through a due diligence process and onboarding checks. This assessment process boils down to two questions: is your business ready, and is your technology and data environment ready?
The onboard checks include questions in relation to:
- Your use case
- Fit and proper persons
- Whether you’ve ever had an information security audit
- Whether you have cyber security insurance
Fiskil is a core provider allowing businesses to become CDR Representatives. They provide APIs that enable enterprise, businesses and founders to create completely new solutions by leveraging clean and standardised financial data.
