Non-major banks, building societies and credit unions – like Beyond Bank – are required to share product reference data by 1 October 2020. The major banks have been sharing product reference data since July 2019.
Where a customer has requested it, major banks will be required to share data to accredited data recipients from 1 July 2020. This includes:
The Australian Government passed the Consumer Data Right (CDR) in 2018, giving customers greater access to, and control of, the data associated with the products and services they use.
Open Banking is the first phase of the CDR, which will allow for consumers and businesses to consent to transfer data held about the products and services they use to third parties – allowing greater competition in the banking sector.
Energy and telecommunications sectors will apply the CDR after Open Banking.