Major bank joins CDR-accredited data recipients

Westpac Banking Corporation (Westpac) has become the latest big four bank to be named an accredited data recipient under the Consumer Data Right (CDR) scheme, following the confirmation from the Australian Competition and Consumer Commission (ACCC). 

The accreditation of Westpac under CDR, and the open banking regime, will now enable the major bank to receive ​​a consumer’s data from a data holder.  

According to the CDR Register, there are currently 19 accredited data recipients (ADRs), with seven listed as active. 

In a statement, the ACCC said: “We are pleased to announce that Westpac Banking Corporation is now an accredited data recipient.

“This accreditation decision takes the number of accredited data recipients to 19 and reflects increasing interest in accreditation.” 

Speaking of the accreditation, Westpac Group chief executive, consumer and business banking, Chris de Bruin, said that Westpac supports the increased competition and innovation from open banking, adding that this initiative “allows consumers to securely share selected banking data with trusted third parties”.

“We are pleased the ACCC has approved Westpac as an Accredited Data Recipient under the Consumer Data Right,” Mr de Bruin continued. 

“We have worked hard alongside the federal government and regulators as the [CDR] has evolved for the banking sector, and will continue to focus on ensuring our customers understand how they can benefit from open banking as we develop use cases that customers can leverage.”

Westpac’s addition as an accredited data recipient under the federal government’s CDR follows that of the Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB). 

Currently, the Australia and New Zealand Banking Group (ANZ) is the only major bank to not be an ADR. It is currently only a data holder. 

The confirmation of Westpac’s accreditation also comes less than one month after the ACCC issued a warning for any bank that is not active on the CDR Register by the start of phase two of the CDR without an exemption. They suggested they would be considered non-compliant to both phase one and phase two consumer data-sharing obligations. 

Phase two is scheduled to commence on 1 November.

[Related: Regulator warns slow movers in open banking]