The CDR is a great first step, but Australian small businesses need more
Codat’s APAC Commercial Director Matthew Tyrrell discusses Australia’s Consumer Data Right and its implications and limitations for SMEs with Finextra.
“The Consumer Data Right, first introduced by the Australian Government in 2017, seeks to promote innovation and competition by giving “consumers greater access to and control over their data”. The roll out, which is being implemented in stages, began with the banking sector in July 2019 with the requirement for Australia’s four major banks to make “standardised, general information” publicly available and extending to other types of banking data and non-major banks by July 2021.
In principle, businesses, alongside consumers, should be able to take advantage of CDR to, for example, apply for financing, reconcile their accounts, or manage their cash flow.
However, there are a number of limitations at play that restrict its serviceability for SMEs…”