Powered by MOMENTUM MEDIA
subscribe to our newsletter

Illion Open Data and Credit Simple become CDR recipients

Illion’s bank statements and data provider and its credit reporting company have been made accredited data recipients under the Consumer Data Right. 

Both illion Open Data Solutions (ODS) and Credit Simple have been accredited by the Australian Competition and Consumer Commission (ACCC) as data recipients under the Consumer Data Right (CDR). 

The CDR, part of the open banking regime, enables consumers to provide accredited recipients with access to their data.

Currently, CDR is only operating for customers of the four major banks, who can share their banking data from a range of personal accounts (for example, savings accounts and term deposits) to accredited data recipients.

The regime will extend to big four banking data from home loans and personal loans from November 2020. 

Advertisement
Advertisement

Data from joint accounts, closed accounts, direct debits, scheduled payments and payees will also be available in due course.

Accredited non-major banks and non-banks will begin sharing open banking data from mid-2021.

So far, only six companies have been accredited as data recipients, with illion Open Data Solutions and Credit Simple the latest to join. 

Speaking of the news, Simon Bligh, CEO of illion, commented: “With more than 100 years’ experience in the Australian and international financial arenas, we are proud to be among the first Australian organisations playing such a key role in this new financial ecosystem, which puts data security and consumer privacy protection front and centre.

“The Consumer Data Right provides the regulated infrastructure for Australians to choose who they share their financial data with, all in a safe, secure and efficient manner. 

PROMOTED CONTENT


“It will make borrowing quicker and easier for consumers, and enable banks to process loans with less cost,” Mr Bligh said, noting that established lenders would also be able to significantly improve assessment times, be more consistent in applying lending rules, and enable automation through income and expense assessments.

He noted that “thousands” of customers using illion Open Data Solutions and the “1 million members” of Credit Simple will be able to “enjoy the benefits of open banking”.

“It’s a great opportunity for lenders to rethink how they can compete by improving each of their products and services – so products are now directly tailored to customers’ individual needs,” he said.

“Businesses that don’t embrace the increasing power of data and regulated infrastructure like this may find it a lot harder to compete in the longer term,” Mr Bligh concluded.

[Related: NextGen.Net eyes open banking space with new acquisition]

Illion Open Data and Credit Simple become CDR recipients
Illion Open Data and Credit Simple become CDR recipients
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Contact Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

The major bank has once again extended its cashback and drawdown deadlines. ...

The major bank has expanded its SME Recovery Loan Scheme offer to small businesses impacted by the pandemic, effective 1 October. ...

CoreLogic has reported that the preliminary clearance rate recorded across the capital cities last week was the highest since late March 202...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.