Overview
Considerable work has gone into setting up Consumer Data Right. The regulators have created the regulatory framework as well as the data standards. Providers have been setting up their systems to meet the high standards demanded by Consumer Data Right. They’ve also been focusing on the technical needs, making sure their websites and apps are ready to go. If you’re a provider interested in offering services under Consumer Data Right or you need to register as a data holder, visit our For providers section.
Consumer Data Right is rolling out across banking first. Next, it will be rolled out across the energy sector.
Timeline
July 2019
Australia’s four major banks (Australia and New Zealand Banking Group Limited, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation) made their product reference data for their standard products publicly available. This is standardised, general information such as interest rates, fees and charges.
February 2020
Australia’s four major banks made product reference data for mortgages and personal loans publicly available. Only businesses, such as comparison sites, can access product reference data. Product reference data provides information about the features and descriptions of bank products, including interest rates, fees and charges, and eligibility criteria.
July 2020
Consumer Data Right launches.
Customers of the four major banks can share their banking data from a range of personal accounts (for example, savings accounts and term deposits).
November 2020
Customers of the four major banks can share their banking data from home loans and personal loans. Joint accounts, closed accounts, direct debits, scheduled payments and payees will also be available.
Consumer Data Right will be implemented in energy next.
Rectification schedule
Following the release of additional Consumer Data Right data sets for sharing from 1 November 2020, the 4 major banks are working to provide a number of outstanding deliverables to consumers. The ACCC has agreed to a rectification schedule with each of the banks to address these areas.
Australia and New Zealand Banking Group (ANZ)
Implementation gap |
Phase 2 status as at 1 November 2020 |
Remediation timeframe |
Update |
---|---|---|---|
Account details |
Account Detail API available but with some data field omissions. Including product attributes such as discounts and fees, and some funds management accounts distributed through third parties. |
1 February 2021 |
Completed 1 February 2021. |
Commonwealth Bank of Australia (CBA)
Implementation gap |
Phase 2 status as at 1 November 2020 |
Remediation timeframe |
Update |
---|---|---|---|
Account details |
CDR consumers unable to share the following Account Detail information:
|
Items 1, 2, 3 and 4 –1 February 2021 Item 5(a) –1 April 2021 Item 5(b) –1 July 2021 Item 5(c) –1 May 2021 |
Items 1, 2 and 3: completed 1 February 2021.
Item 4: CBA has enabled 7 of 24 feature activation flags (isActivated). Revised remediation timeframe for remaining feature flags: 30 April 2021. |
Closed accounts |
CDR consumers unable to share consumer data from closed accounts. |
1 February 2021 |
Completed 1 February 2021. |
Scheduled payments
|
CDR consumers unable to share their Scheduled Payments API data in the following scenarios:
|
Item 1 –1 May 2021 Item 2 – 1 November 2021 |
|
Direct debits
|
CDR consumers unable to share direct debit data for home loan and personal loan repayments, and credit card automatic repayments. |
1 July 2021 |
|
Customer detail
|
CDR consumers unable to share the following customer detail data:
|
1 May 2021 |
|
Transaction detail
|
CDR consumers unable to share the following:
|
1 July 2021 |
|
National Australia Bank (NAB)
Implementation gap |
Phase 2 status as at 1 November 2020 |
Remediation timeframe |
Update |
---|---|---|---|
Account details |
CDR consumers unable to share Account Detail API information. |
27 November 2020 |
Completed 26 November 2020. |
Closed accounts |
CDR consumers unable to share data in relation to individual and joint accounts that have been closed within the previous 12 months. Account Detail API for closed accounts also not available. NAB proposes to activate a solution at a date no later than 30 April 2021. All accounts closed from that point in time will be available for data sharing. NAB will continue to build up a full complement of closed accounts as the data is progressively collected. |
30 April 2021 |
|
Joint accounts |
CDR consumers unable to share data from joint accounts. |
27 November 2020 |
Completed 26 November 2020. |
Concurrent consent |
CDR consumers’ ability to hold more than one consent with an ADR at any one time is impacted. Until concurrent consent capability is fully deployed, NAB will not return cdr_arrangement_id in the Token and Introspection endpoint response. ADRs will have to call the existing Revoke by Refresh Token / Access Token endpoint. |
31 January 2021 |
Completed 14 January 2021. |
Westpac Banking Corporation (Westpac)
Implementation gap |
Phase 2 status as at 1 November 2020 |
Remediation timeframe |
Update |
---|---|---|---|
Account details |
CDR consumers unable to share the following Account Detail API information:
|
1 February 2021 |
|
Scheduled payments
|
CDR consumers unable to share international scheduled payments or branch initiated periodic scheduled payments. |
1 February 2021 |
Completed |
Closed accounts |
CDR consumers unable to share data from closed:
|
1 February 2021 |
Deposit accounts, mortgages and personal loans completed on 1 February 2021. Revised remediation timeframe for closed credit cards: 1 April 2021. |