As the Consumer Data Right (CDR) is applied to different sectors it’s important to have the right capabilities, technology and processes in place to comply with CDR legislation, in order to take advantage of the opportunities created by the effective application and use of data.
At Cuscal we’re collaborating closely with clients and partners to prepare for the initial application of the CDR in the banking sector (Open Banking), with a view to creating a broad-based solution that supports multiple industries with connectivity and capabilities for CDR compliance, as well as the development of new and innovative customer-centric solutions that will be required in an “always-on” and “open data” world.
Contact Cuscal to arrange a confidential discussion about the Consumer Data Right, your requirements and Cuscal’s approach to open data enablement.
For organisations subject to the CDR, compliance with legislation begins with product reference data obligations. These obligations are designed to enable the streamlined flow of product data between data holders and the wider market, facilitating the comparison of products in the market and the development of new consumer and business services.
Cuscal’s file-based and integrated API approach to product reference data ensures all organisations can comply with and realise the opportunities created by the CDR. Organisations can choose to use Cuscal’s modular and flexible Product Data Store as either a channel for CDR compliance, or source of truth to power other internal systems and use cases.
For more about Cuscal’s foundational Product Data Store watch our video click here.
Under CDR legislation customers have the right to authorise that the information they already share with data holders be safely and securely shared with other trusted third parties. Organisations subject to the legislation will have to navigate a complex web of interactions between consumers, other businesses and the regulator, requiring multiple capabilities and connections to enable the data exchanges that improve a customer’s access to, control over and usage of their data.
Cuscal’s modular and flexible approach to the CDR includes access to a robust and secure consent management capability designed to simplify the connectivity and compliance obligations associated with managing consumer consent preferences, data and privacy.
For more on Cuscal’s approach to consent management click here.
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