Control your data
Data sharing will only be possible with organisations that have been accredited by the Australian Competition and Consumer Commission (ACCC), and your information can only be used for purposes you consent to.
Prior to requesting your consent, Consumer Data Right (CDR) providers will provide the following information on their website or app, explaining:
- What data you will be sharing
- How the data will be used
- How long they will have access to your data
- How to manage and withdraw consent
Find out who is accredited by visiting the CDR website.
Securely share your data
Open Banking is a safe and secure way to share data without all the pesky paperwork.
Any organisation sending or receiving data under the CDR must meet obligations set by the ACCC and the Office of the Australian Information Commissioner (OAIC). Both have strict accreditation criteria when it comes to privacy and accessing and storing data.
New privacy safeguards have also been established by the CDR legislation. Credit unions, banks and accredited organisations failing to adhere to these rules face substantial penalties.