The Morrison Government is today commencing consultation on expansion of the Consumer Data Right (CDR) to Open Finance.
A consultation paper released today calls for public input on datasets to be considered from non-bank lending providers that will support innovative consumer use cases.
On 24 January 2022, the Government announced ‘Open Finance’ as the next focus for the expansion of the CDR to build on the success of Open Banking. This will expand the number of financial products and services covered by CDR to include those in non-bank lending, merchant acquiring, general insurance and superannuation sectors.
The move into new finance sectors is designed to enhance the value of existing CDR data through cross-sectoral applications that will give consumers a more complete picture of their finances.
Senator the Hon Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy, said, “We are seeking feedback from industry on how adding non-bank lending datasets to the CDR will impact on providers and benefit consumers.”
“Industry and stakeholder consultation at every step of the way is an important feature of our pathway to an economy-wide application of CDR. It not only supports practical implementation and explores benefits, it also ensures we build a high-value and robust data access system together,” she said.
The Government will conduct further consultation on the expansion of the CDR to the merchant acquiring, superannuation and general insurance sectors later this year.