ACCC launches “IT backbone” of CDR
In another step closer to the an open banking regime, the ACCC launched the Consumer Data Right Register and Accreditation Application Platform (RAAP), paving the way for banks and fintechs to become accredited data recipients under the consumer data right regime.
It certainly is a significant step given that the competition watchdog had previously signalled fintech and bank challenges in pushing ahead with open banking.
The RAAP provides a portal where businesses can apply to be accredited to be able to transmit data under the CDR regime.
“This marks a significant development in the delivery of the CDR because the RAAP is the IT backbone of the CDR,” the ACCC said in a statement.
The IT framework has been developed 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 CDR 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 CDR regime to apply for accreditation and take part in reshaping banking competition in Australia,” Court said.