Open Banking

Consumer Data Right (CDR)

What is Open Banking?

The Consumer Data Right (CDR) is a new, regulated data-sharing regime that gives consumers the ability to share their personal data with organisations they trust. Its purpose is to introduce safe, consent-driven sharing of consumer data with different companies or professionals, to improve competition and service innovation, and ultimately create better consumer outcomes.

The Consumer Data Right was introduced in the banking sector first. So, it was given the nickname "Open Banking". That name has stuck and is commonly used as an alternative to "Consumer Data Right".

What the CDR refers to is the customer, product, account, and transaction data that is typically held by organisations (called Data Holders) such as banks and other financial institutions. The CDR gives individuals the power to control their own data and share it with companies that they engage with for product or service offerings.

Learn more in this article by Moneysoft CEO, Jon Shaw - The leading digital platform for financial advice professionals Click Here

Moneysoft is a participant in the Consumer Data Right as a Representative of Envestnet Yodlee Inc, who is the Accredited Data Recipient.

Only companies whose technology, security systems, privacy safeguards and data protection policies have been checked and approved by the ACCC can become Accredited Data Recipients and Representatives.

Through Moneysoft, consumers can access CDR data and either keep it private or, with express consent, share the data with authorised Trusted Advisers - it's all in the Rules.

All users can be safe in the knowledge that this is the most controlled and secure way possible, to share financial account data.

Moneysoft Open Banking Summary

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Support for Individuals, Professionals and Enterprise

The Consumer Data Right is mandated by the Australian Government

All data access and use is governed by the Consumer Data Right Rules

Moneysoft's Participation model supports all existing use cases across all solutions

Banks and other Data Holders must give consumers the ability to access and share their data with Accredited Data Recipients and other official Participants

No sharing of internet banking credentials required - data sharing consent is conducted through each bank's integrated CDR Portal

Individuals access CDR data as standard, Professionals use the Trusted Adviser model, and Enterprise can use Moneysoft Technology as a CDR Representative

Data feeds remain open for up to 365 days, unless specifically switched off by the owner of the account Sharing consent is explicit and completely controlled by the account holder
No extra cost for Individuals or Professionals to take advantage of the CDR within Moneysoft
Changes to passwords or other account details will not affect the flow of data under the CDR
Only providers accredited by the Australian Competition and Consumer Commission (ACCC) can offer services using Consumer Data Right. Moneysoft operates as a CDR Representative of Yodlee Inc. (the Accredited Data Recipient) - all the details here.