The Australian Competition and Consumer Commission (ACCC) has unveiled the 10 companies that will test the new data-sharing system, the Consumer Data Right (CDR), ahead of its launch in February 2020.
The companies are 86400, Frollo Australia, Identitii, Procure Build, Quicka, Regional Australia Bank, Verifier Australia, Wildcard Money, Intuit Australia and Moneytree Financial Technology.
The businesses were selected based on intention and ability to meet the accreditation criteria by February 2020, readiness to participate in testing and proposed use case in the context of the proposed Rules.
The companies selected also offer a range of "innovative services to customers", according to the ACCC.
These include assist small businesses to manage their bills, including to speed up making and receiving payments; assess a consumer’s financial well-being; manage personal finances and budgeting and facilitate book keeping and accounting by small businesses and professionals.
"We firmly believe Australians should be in control of their own financial data, enabling them to choose where – and with whom – they securely share that information," 86400 CIO Brian Parker said.
The ACCC expects the participating companies will be ready to participate in the CDR ecosystem from next February following successful progression through testing, demonstrating their ongoing capacity to meet eligibility criteria and comply with the Rules.
In late August, the ACCC announced it would be selecting “a limited number of data recipients to participate in CDR testing”.
“Those selected for testing will also need to apply for accreditation. Testing and consideration of relevant accreditation applications will proceed in parallel so those selected will be ready to participate in the CDR ecosystem by February 2020.”
From February 2020, participation in the CDR ecosystem as an accredited person requires the person to achieve accreditation under the Rules.
In August, the government 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 ACCC will be charged with maintaining the CDR Register, which will contain key details about participants the data-sharing ecosystem. The CDR rules cover ‘data holders’ and accredited ‘data recipients’.
The ACCC has also released the CDR accreditation guidelines which are designed to provide information and guidance to assist applicants with lodging a valid application to become an accredited data recipient. The accreditation guidelines also include supplementary guidelines relating to information security and insurance obligations.
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