OPEN BANKING
Open Banking
Access Models
In order to use Open Banking under the Consumer Data Right, organisations must choose a pathway for participation in the CDR from a range of models.
Read on to discover more about the different options.
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Outlining the access models under CDR
Full Accreditation
Accreditation granted by the ACCC with unrestricted access to CDR data.
Description
Become a fully Accredited Data Recipient (ADR).
Suitability
For businesses that provide CDR services, share CDR data and/or want to use CDR data for ongoing use cases.
Pros
No limitations in accessing CDR data.
Obtain unrestricted accreditation and can act as Sponsors or Principals for other businesses.
Cons
Time and cost in getting unrestricted accreditation.
Sponsor/Affiliate Model
Accreditation granted by the ACCC with access to CDR data via an ADR acting as the Sponsor.
Description
Obtain a ‘sponsored accreditation’ from the ACCC with the assistance of an Unrestricted ADR acting as a Sponsor.
Suitability
For businesses that want to use CDR data for ongoing use cases.
Pros
Potentially lower compliance and cost burden relative to unrestricted accreditation.
If there are security or compliance breaches by an affiliate, it does not impact other Affiliates sponsored by the same ADR.
Can share data, so long as it’s within the CDR rules.
Cons
Affiliates cannot engage outsourced service providers and must go to an ADR.
2 yearly re-attestation requirement.
Principal/Representative
No official accreditation required with access to CDR data via an ADR acting as the Principal.
Description
Enter into a contractual agreement with an ADR to obtain access.
Suitability
For related entities and subsidiaries of the ADR.
Pros
No official CDR accreditation required.
Potentially lower compliance and cost burden relative to unrestricted accreditation & Sponsor model.
Full liability is with the ADR.
Cons
If there are security or compliance breaches by any representative, all representatives in this model may be impacted.
The ADR may wish to maintain full control and management of CDR data within its platform as ADR is fully liable.
Can not share CDR data with other parties.
Trusted Advisor
No CDR accreditation but must hold another acceptable accreditation.
Description
Enter into a contractual agreement with an ADR to obtain access.
Suitability
Trusted Advisers who wish to use CDR data and has the relevant accreditation and license such as Accountants, Lawyers, Tax Advisers, Financial Planners/Advisers.
Pros
No limitations in accessing CDR data & no accreditation required.
Can share data with other parties outside the CDR regime.
Cons
Limited to distinct Truster Advisors only.
CDR Insights
No official accreditation required with limited CDR insights made available.
Description
Enter into a contractual agreement with an ADR to obtain access.
Suitability
For any business that can use the limited insights for low risk purposes outsider of the CDR control.
Pros
No official CDR accreditation required.
May be able to share limited data outside the CDR regime for limited purposes with the consumer’s consent.
Cons
Limited to distinct CDR Insights only.
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