Access to Open Banking under the Consumer Data Right (CDR), introduced in Australia in July 2020, will be expanded next year to include more business customers after federal treasurer Josh Frydenberg approved the ACCC’s expansion plans for the roll out.
From 1 November 2021, major banks will enable business customers to share their data with accredited data recipients when shopping around for better services.
ACCC Commissioner Sarah Court said said the raft of amendments is designed to encourage participation in the CDR for more businesses, including companies and partnerships.
“The new rules lay the foundation for the continued expansion of the Consumer Data Right in 2021,” she said
“The rules will encourage increased participation in the Consumer Data Right, and new service offerings for consumers, while also ensuring that strong consumer protections continue to apply.”
The new version of the Consumer Data Right rules are on the Federal Register of Legislation website.
The changes are likely to be the last overseen by the ACCC, with Frydenberg taking charge of CDR’s rule-making functions from will transfer from the end of February next year.