Consumer Data Right (CDR) and Open Banking
What is the Consumer Data Right?
The Consumer Data Right (CDR) gives consumers greater control over their own data, including the ability to securely share data with a trusted third party.
The ACCC is responsible for implementing the CDR system and It will be introduced in the banking sector from July 2020 and will then roll out across other sectors of the economy, including energy and telecommunications.
The CDR aims to help you monitor your finances, utilities and other services, and compare and switch between different offerings more easily. The system also aims to encourage innovation and competition between service providers, helping you to access products and services that better suit your specific needs.
From 1 July 2021 you are able to authorise First Choice Credit Union to share your personal and transaction data with any authorised third party.
At First Choice Credit Union protecting your privacy is very important and you will have full control over the sharing of your data. Your data will only be shared with authorised third parties and can’t be shared without your consent (you decide what information is shared and who it is shared with). You can choose stop sharing at any time, and at your request third parties must delete or de-identify your data.
To see our CDR Policy click here
For more information on the CDR or Open Banking visit https://www.cdr.gov.au/