Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

Major bank joins CDR-accredited data recipients

The ACCC has confirmed that three of the big four banks are now accredited data recipients under the Consumer Data Right.

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.

Advertisement
Advertisement

“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]

Major bank joins CDR-accredited data recipients
mortgagebusiness

Sam Nichols

Sam Nichols is a journalist at The Adviser and Mortgage Business. His reporting has featured in a range of outlets including ABC News, SBS' The Feed, and VICE.

Latest News

With Anthony Albanese and several cabinet ministers sworn in following Labor’s election win, members of the mortgage and property industry...

The bank’s chief economist has responded to the RBA’s latest board meeting, maintaining that rates will lift by 40 bps next month. ...

The combined capitals recorded their lowest preliminary clearance rate for the year to date, with the CoreLogic analysts pointing the federa...

VIEW ALL

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!

What is the maximum proportion of income borrowers should use to service a mortgage?

Website Notifications

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