Consumer watchdog has opened portal for banks and fintechs to register for accreditation to open up consumer data transparency and sharing
The Australian Competition and Consumer Commission (ACCC) has launched its Consumer Data Right Register today, after being pushed back a few months in February.
The register will allow businesses to apply to be recognised as Accredited Data Recipients. The ACCC said the register has two main functions: 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 Consumer Data Right platform means businesses of all sizes can take the first steps towards being part of this crucial economic reform,” said ACCC commissioner, Sarah Court.
The ACCC is encouraging businesses to participate in the safe data regime, which will ultimately serve to create a protected system for consumers. “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,” said Court.
The Consumer Data Right will give consumers the right to safely access their data held by businesses and direct it to be transferred to trusted third parties of their choice. The ACCC said sharing of banking data securely between major banks and initial accredited recipients will commence at the start of July this year.
The legislation was first announced in November 2016 in a bid to improve consumer data portability and transparency, and giving consumers greater control of their data. Banking is the first industry the framework is being applied to under the Open Banking regime.
The Consumer Data Right plan, which received $44.6 million in the 2018 Federal Budget, followed a Productivity Commission inquiry in late 2016 that called for a revolution of the country’s data policy framework to give more control of information collected about them by businesses and governments.
When announcing the plan in 2018, ACCC chair, Rod Sims, said data portability increases competition and creates scope for more complex products and services.
“It creates scope for businesses to make more tailored offerings, including to innovate new or different products that better meet their needs,” he stated.
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