Current data holder providers (accredited banks)
What Are The Differences Between Accredited and Active Statuses?
Both Accredited and Active Statuses are formal milestones for companies participating in the CDR. Here's a quick comparison:
About Accreditation
Accreditation is a formal status given by the ACCC to companies that meet the accreditation requirements, including:
Having the required processes and policies in place,
there are fit and proper checks carried out,
insurances are in place,
An information security assurance report has been completed,
you have some very secure laptops with controls in place, and
The ACCC has accredited your organisation...
...but you can’t receive consumer data yet.
About Active Status
If Accreditation is the first phase, Active is the second and final stage. You can only receive CDR data when you are Active.
Active is a different status in the CDR Register and essentially puts you into production. Each use case you have is registered with the ACCC.
It is largely technical, meaning you meet the initial and ongoing consumer data standards, as defined by the Data Standards Body. You also have to have your complaint processes, internal and external policies live.
Data holder rectification schedule
Data holders’ obligations commenced on various dates, with the Big Four banks going live first.
This rectification schedule sets out the information provided by data holders to the ACCC. We have published this information to provide a reference for accredited data recipients and consumers regarding potential issues in data holders’ CDR implementations.
What is Open Banking?
Open Banking gives you greater control of your banking data. It was introduced after the Australian Government passed legislation, called the Consumer Data Right (CDR). It means you can consent to share your external data with us as an Accredited Data Recipient.
See all your accounts, in one place, and get a better view of your financial position
Less switching between apps and logging on to different sites to check your balances
Access budgeting tools to gain insights on your spending habits
Peace of mind knowing your data is protected by high-security standards
Easy to set up and stop sharing any time
What is a data holder?
A data holder is a business (financial institution) that holds consumer data and must transfer the data to an accredited data recipient at the consumer’s request.
What is an accredited data recipient?
Under the CDR system, consumers consent to a transfer of their data from a data holder to an accredited data recipient, or from one accredited person to another accredited data recipient.
An accredited data recipient has been accredited by the Australian Competition and Consumer Commission (ACCC) to receive consumer data to provide a product or service. They may also be referred to as ‘ADRs’ or ‘accredited providers.
Contact your Data Holder (Bank) directly if you have any further Open Banking queries.