Consumer Data Right access: 3 pathways to participate in open banking with TrueLayer
There are new access arrangements for the Consumer Data Right (CDR), so more businesses can participate in open banking in Australia.
TrueLayer is a fully fledged participant in the Australian open banking ecosystem having been authorised as an unrestricted Accredited Data Recipient (ADR) by the Australian Competition and Consumer Commission (ACCC).This means that TrueLayer can guide you through the process to obtain your own accreditation. Alternatively, TrueLayer can help you to access CDR data via one of the new access arrangements which, following Treasury's Rules Consultation, have been confirmed by the Government.So how should you go about accessing CDR data? And how can TrueLayer support you?TrueLayer can provide guidance on all CDR access arrangements and we are here to support you in your choice.We’ve broken down the most interesting and relevant access arrangements, so you can understand how to participate in open banking in the right way for your business.TrueLayer is focusing on these three access models:
- Unrestricted ADR (getting your own accreditation)
- CDR Representative (using TrueLayer’s accreditation)
- CDR Insights Disclosure (no accreditation required)
1. Become an unrestricted ADRObtaining your own authorisation from the ACCC as an unrestricted ADR opens up the whole CDR ecosystem. But it can also be a lengthy and expensive process, and potentially requires internal process and information security improvements to meet the ACCC's requirements. You must comply with all the rules. As an ADR, you can directly access full CDR data and work with TrueLayer as your outsourced service provider to benefit from our APIs.If becoming an ADR is the right go-to-market strategy for you, TrueLayer can support you through your accreditation process including access to policies, introductions to service providers, helpful checklists, tools and insights.We have prepared a guide to help you find out more about how the accreditation process works.
2. Partner with TrueLayer to become a CDR RepresentativeA faster way to go-to-market with products that harness CDR data is to become a CDR Representative of TrueLayer. This can significantly reduce your cost and compliance burden - and increase your speed to market - because TrueLayer acts as your Principal. This model permits access to full CDR data that TrueLayer collects for you, and you disclose this as a background detail to your customer. There are security controls and data safeguards that apply. You cannot use the data other than in accordance with your contract and you cannot enter into an arrangement with another Principal. TrueLayer believes the CDR Representative model can operate in Australia in a similar manner to the Agency model in the UK, where we have a world-leading compliance program and over five years of experience. With more than 50 agents in the UK alone, TrueLayer understands the necessary compliance requirements for such an arrangement to be mutually beneficial and robust.Once your business case is proven as a CDR Representative, you can progress to apply for sponsored or unrestricted accreditation as an ADR and TrueLayer will be there to help at every step. Meanwhile, you can rely on TrueLayer. This access model is likely to be very interesting to our global partners who are looking to go-to-market with an open banking product in Australia. If you’d like to find out more about becoming a CDR Representative of TrueLayer and have faster access to full CDR data, contact us to find out how we can help.
3. Verify consumer data with CDR Insights DisclosureThis third pathway allows you to verify specific pieces of consumer information without the need for accreditation or representation. Despite its name, this model is designed for verification of simple and discrete pieces of information, rather than personalised or derived insights. You can use this particular arrangement to:
- Identify your customer
- Verify a customer's account balance
- Verify a customer's income and expenses