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

Description

Accreditation granted by the ACCC with unrestricted access to CDR data (the highest level of accreditation for participation)

Suitability

For businesses that provide CDR services, share CDR data and/or want to use CDR data for ongoing use cases

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Sponsor/Affiliate

Description

Accreditation granted by the ACCC with access to CDR data via an ADR acting as
the Sponsor

Suitability

For businesses that want to use CDR data for ongoing use cases


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Principal/Representative

Description

No official accreditation required with
access to CDR data via an ADR acting as
the Principal

Suitability

For related entities and subsidiaries of the ADR


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Trusted Adviser

Description

No CDR accreditation but must hold another acceptable accreditation

Suitability

Trusted Advisers who wish to use CDR data and have the relevant accreditation and license


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CDR Insights

Description

No official accreditation required with distinct CDR insights made available

Suitability

For business that can use the limited insights for low risk purposes outside of the CDR control

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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.

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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.

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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.

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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.

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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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