86 400 chairman Anthony Thomson and CEO Robert Bell
Regulator the Australian Consumer and Competition Commission (ACCC) is threw open the doors to fintech startups with week in the run up to rolling out of what’s known as Consumer Data Right (CDR) in February 2020.
The goal of government-legislated CDR is for consumers to have more control over how their data is used and shared. The ACCC is looking after the issue in collaboration with the Office of Australian Information Commissioner. What everyone’s trying to find is the balance between privacy rights and obligations for users of the scheme, including the requirement for informed consent to collect, disclose, hold or use CDR data.
Got it? Good. Bottom line is you’ll own your data. Now read the CDR Rules and you’ll be an expert.
So with just over four months to go before things kick off with the open banking sector – which has been told to share data, which is meant to make it easier for consumers to share and switch banks – the competition watchdog has picked 10 ventures from 40 applicants to take part in testing the ecosystem ahead of the launch.
Digital neobank 86 400, which only recently scored its full banking license, scored a jersey, alongside Armidale-based Regional Australia Bank and Sydney millennial -don’t-blow-all-your-cash fintech Wildcard Money. Then there’s personal finance and budgeting app Frollo Australia, small business payments startup Quicka – a recent Antler alumni, construction industry risk manager Procure Build, ASX-listed blockchain transaction venture Identitii, data aggregator Money Tree Financial Technology, accountancy software facilitator Intuit and Verifier Australia, which verifies income.
It’s now up to the 10 to gain accreditation for the CDR ecosystem the February 2020 deadline.
“Our intention is that participants in testing will be ready to participate in the CDR ecosystem from February 2020 following successful progression through testing, demonstrating their ongoing capacity to meet eligibility criteria and comply with the rules,” the ACCC said in a letter to participants this week.
The ACCC also released its CDR accreditation guidelines saying they would be updated as the ecosystem evolves.