The Australian Competition and Consumer Commission (ACCC) will test participants for the information sharing scheme under the recently passed consumer data rights legislation, after shortlisting all 10 applicants from 40 applicants.
Open banking regime officially debuted in July, requiring the big four banks to make data from all credit and debit card, deposit and transaction accounts available. Mortgage data along with all other products from the big four will be available from next year.
The objective of the right to consumer data, of which banking and financial services are the first sector to benefit, is to enable greater transparency and competition in the sector.
By February, customer data will be included in the scheme, allowing consumers to access their information.
The first round of participating financial service providers are finance and budgeting apps Frollo Australia, Moneytree Financial Technology and Wildcard Money, blockchain payments company Identitii, risk management platform Procure Build, income verification platform Verifier Australia, Quicka invoicing and payment app and accounting software for SMEs. Intuit Australia.
The test list also includes Banks 86 400 and Regional Australia Bank.
The consumer watchdog said its intention was for testing companies to be ready to participate in the CDR system from February as accredited bodies.
Companies wishing to participate in open banking from February will need to obtain accreditation according to CDR rules.
In addition, the ACCC also published its CDR accreditation guidelines on its website this week, including additional guiding principles relating to information security and assurance obligations.
