FinTech Australia, a member-driven organisation for Australian fintechs, has joined forces with FDATA, an organisation supporting open banking companies, to call for a consumer data right roadmap.
Together, they are urging policy-makers in Australia to establish a roadmap for the implementation of the consumer data right (CDR). This call comes in response to the recent allocation of $88.8million by the Federal Government in the latest budget, aimed at further integrating and rolling out the CDR.
Rehan D’Almeida, the general manager of FinTech Australia, recognises the crucial role the CDR will play in improving services offered to Australians and enhancing financial literacy, ultimately bolstering the economy.
D’Almeida said: “Building on this, we’re calling for policy makers to chart the future of the rollout and ensure we maximise the impact of these funds. Much like the Federal Government, we believe the CDR will be an agent of change for the Australian economy, and wish to see it fully implemented as quickly and as cost-effectively as possible.”
Mathew Mytka, FDATA’s regional director for Australia and New Zealand, also acknowledges that Australia is forging a unique path with the CDR, necessitating a roadmap to guide all stakeholders.
“Some of the funds in the budget should be allocated to creating this roadmap. With a strong codesign methodology behind it to reflect the promises of giving Australian consumers meaningful control of their data, catalysing industry competition and supporting data-enabled innovation across the economy.
“We’ve seen the UK carve a path with the next phase of the Open Banking Implementation Entity. And the Joint Regulatory Oversight Committee and the roadmap they’ve created is a reference point. But CDR is bigger than banking and we need something to reflect this Aussie ambition.”
CDR month
This call for a CDR roadmap coincides with CDR Month, a month-long industry awareness campaign scheduled for June 2023.
Organised by FDATA, FinTech Australia, and the Australian Information Industry Association, CDR Month aims to raise awareness as well as understanding of the Consumer Data Right in Australia. The campaign will serve as a platform to explore the vast potential of the CDR, showcase innovative use cases, and foster collaboration among stakeholders from both the public and private sectors.
Since its launch in Australia in 2020, the consumer data right has enabled the use of consumer data from banks and energy service providers in third-party services, subject to explicit consumer consent.
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