21 09 17 10:12:04

Open Banking

What is Open Banking?

Open Banking is the first application of the Consumer Data Right (CDR) and applies to the banking sector. Under Open Banking, consumers and businesses will be able to ...

What is the Consumer Data Right?

The Consumer Data Right (CDR) is legislation that the Federal Government is introducing to provide consumers, and later businesses, with improved access to and rights ...

What is product reference data?

Under Open Banking, product reference data includes information such as the interest rates and fees charged by banks, as well as the features and eligibility criteria ...

What is consumer data?

Under Open Banking, consumer data refers to certain information held by an organisation (such as a bank or reciprocal data holder) that relates to a customer and is co...

What is a data holder?

A data holder is an organisation in a designated market segment (i.e. banking, energy, telecommunication) that holds consumer data covered by the Consumer Data Right (...

What is the difference between data holders and reciprocal data holders?

Data holders are organisations in a designated market segment (i.e. banking, energy, telecommunications) that are subject to certain obligations under Consumer Data Ri...

What is an accredited data recipient?

An accredited data recipient is an organisation that has met the requirements to securely receive data in order to be considered an accredited data recipient by the Au...

What is a Consumer Data Right intermediary?

Intermediaries are third-party service providers who collect or facilitate the collection of Consumer Data Right (CDR) data on behalf of accredited persons. Under the ...

How is Open Banking different to Open Data?

Open Banking refers to the use of open standards and technologies in banking, enabling a customer (i.e. consumer or business) to provide explicit authorisation for the...

How secure is sharing data under the Consumer Data Right?

The Consumer Data Right (CDR) includes technical standards created by the Data Standards Body for the secure sharing of consumer data that apply to both data holders a...