Government News

Version 1.0.0 of the Consumer Data Standards has been released, from the release: Since the previous release on 17 July of the…

Listed fintech company Identitii has announced it has been selected by the Australian Competition and Consumer Commission (ACCC) as one of just 10 companies to test the Consumer Data Right (CDR) ecosystem, which will enable Australia’s incoming open banking regime scheduled to go live from February 2020.Identitii (ASX:ID8) says participation in the testing group positions the company as one of the first companies eligible to apply for accreditation under the CDR Rules to access open banking data when the regime is launched.

The Chairman of the Australian Government’s Data Standards Body is seeking Expressions of Interest for
membership to a new advisory committee for the energy sector. The new Energy Advisory Committee will
engage in the next phase of Consumer Data Right (CDR) work to improve the consumers’ ability to compare and
switch between products and services.

86 400, Frollo, Identitii, Procure Build, Quicka, Regional Australia Bank, Verifier Australia, Wildcard Money, Intuit and Moneytree. A group of ten fintech companies and start-ups have been chosen to test the open banking component of Australia’s consumer data right in the lead up to its launch in February 2020. Australia’s consumer watchdog advised the companies of their selection on Wednesday, a month after it went looking for organisations to help test the new data portability rules.

The ACCC will soon reveal the first five to ten companies to get accreditation to receive open banking data. That accreditation however only buys them a ticket to the dance and gives them the opportunity to participate in testing. They will still have to prove their technical and process bona fides in the months ahead. While the new regime – based on the recently passed Consumer Data Right legislation – really kicks in next year in February, companies who want to take advantage of the opportunity will need the time to get their systems in order.

If you have never heard of the proposed Data Sharing and Release Act you are not alone. The new legislation, which will over-ride the Privacy Act (where there are conflicts), has been quietly planned for the past year or so, without much fanfare and little media interest.

The Consumer Data Right, originally designed to enable open banking, will soon provide consumers more power to compare and switch energy providers…

The Australian Competition and Consumer Commission (ACCC) is seeking parties to participate in early testing of the new data-sharing system, the Consumer Data Right (CDR). The government earlier this month legislated the CDR, which will allow an individual to request that an institution holding certain data about their use of its services make it available to a third party. The CDR will be progressively rolled out to a range of industries, beginning with banking (Australia’s implementation of open banking), as well as telecommunications and energy. The government says the CDR is intended to make it easier for an individual to shift to a new service provider or employ a data-driven third-party system that can offer insights into their spending.

As Australia’s Consumer Data Right regime edges closer to launch, the ACCC is looking for organisations to help it test the new data portability rules. The ACCC, which is leading the introduction of the CDR, is seeking expressions of interest from parties interested in becoming accredited data recipients and participating in CDR testing.

The Consumer Data Right laws are “very complex and messy” and plans to amend them later in the year may lead to further problems, digital rights advocates have said. The Consumer Data Right (CDR) legislation, which paves the way for open banking and other data sharing regimes, was passed unamended by the Senate with bipartisan support last Thursday night, after Labor decided to vote for it despite having “deep concerns”.