The Australian Competition and Consumer Commission (ACCC) has announced that the company has been officially accredited as a data recipient of the Consumer Data Right (CDR).
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The CDR is part of the open banking scheme, providing “consumers with access to, and the ability to safely transfer, their banking data to trusted parties”, according to the ACCC.
The rollout has been released in stages, with consumer data relating to credit and debit cards, deposit accounts and transaction accounts having been made available since 1 July 2020, and mortgage and personal loan data shared since 1 November 2020.
Yodlee Inc is the seventh company to be accredited as a data recipient, with illion Open Data Solutions and Credit Simple most recently being accredited under the scheme.
“The ACCC is pleased to announce that we have now accredited Yodlee Inc,” the commission said in a statement.
“We look forward to welcoming more participants in the coming weeks.”
Following the announcement, Yodlee issued the following statement: "Being one of the first international intermediaries to receive CDR accreditation is testament to our commitment to enabling innovation in Australian financial services.
"The ACCC’s accreditation will enable Envestnet | Yodlee to continue bringing the best data and intelligence to Australia’s banks and fintechs, meaning their customers can make better financial decisions with their data.
"We’re excited to help Australia’s financial institutions derive real intelligence from a complex overload of data. Connecting the dots for consumers’ financial situations will improve financial wellness for all Australians."
The company went on to say that it was "committed to Australia" - where it has been operating for over a decade - adding: "Our active engagement with the ACCC and Australia’s Open Banking regime will continue, as will our adherence with the highest level of local and international data security, regulatory compliance, and consumer privacy.
"Envestnet | Yodlee is the partner of choice for handling sensitive consumer financial data in Australia and around the world. The financial landscape is in an exciting stage of its growth.”