The ACCC has travelled one step further towards rolling out open banking in July, having debuted a platform allowing banks and fintechs to become accredited data recipients.
The competition watchdog launched the Consumer Data Right (CDR) Register and Accreditation Application Platform (RAAP) on Tuesday.
The CDR in the banking industry, otherwise known as open banking is reported to be still set to launch in July.
The platform will provide a portal where businesses can apply to be accredited to be able to transmit data under the CDR regime.
It also represents the core IT infrastructure that will support the delivery of open banking, aiming to share consumer data between parties accredited by the ACCC.
The application process will be initially open to the fintech community.
Treasurer Josh Frydenberg in a joint statement with senator Jane Hume, the assistant minister for superannuation, financial services and financial technology, said the CDR will give consumers greater control over their personal information, giving them power to instruct businesses to provide access of their data to third parties.
The ability is meant to give consumers greater capacity to switch between providers more easily and allow new competitors to enter the market and challenge existing providers.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].