Issue 15: April 2023 CommBank removes Money Management, CDR data quality in the spotlight, Mastercard goes live and new Software Products
Has CommBank decided to stop collecting CDR data?
Commonwealth Bank, an early adopter of the Consumer Data Right (CDR), no longer has any Software Products listed in the registry.
The Money Management Software Product DRSP000009 is no longer listed in the registry:
Commonwealth Bank’s Unloan brand also had its two Software Products (Auto-verification DRSP000018 and Account Management DRSP000019) removed last year.
I’ve spoken to a Commonwealth Bank customer who had account aggregation established to import their Westpac accounts. The consent has been cancelled and the button to add an OFI (Other Financial Institution) has been removed from the app.
Unloan has stated they intend to use CDR data “early this year” to allow customers to verify income for home loan applications.
Unicorns Podcast: Frollo, the Australian fintech helping clients and customers find financial freedom
In this podcast episode, Kris Davant, Head of Product at Frollo, a fintech company based in Australia, talks about their mission to help clients and customers achieve financial freedom. Frollo's platform provides personalized financial management tools, including budgeting, savings, and debt management, as well as access to products and services from other financial institutions. Kris also discusses the challenges of operating in the highly regulated financial services industry, the importance of trust and transparency in building customer relationships, and the company's plans for future growth and expansion. Overall, the podcast provides insights into how Frollo is using technology to empower consumers to take control of their finances and make better financial decisions.
Podcast link: Unicorns Podcast: Frollo, the Australian fintech helping clients and customers find financial freedom
Open Banking in APAC: Market-Led vs Regulator-Led Approaches
This article discusses the approaches taken by different countries in the Asia-Pacific (APAC) region towards open banking. Some countries like Singapore, Australia, and Hong Kong have taken a market-led approach, allowing banks and fintechs to drive innovation and determine the pace of open banking adoption. Others, like Japan and South Korea, have taken a more regulator-led approach, with the government playing a more active role in implementing open banking standards. The article also highlights the benefits and challenges of each approach and the importance of collaboration between industry players and regulators for the successful implementation of open banking.
Article link: Open Banking in APAC: Market-Led vs Regulator-Led Approaches
Action Initiation: the double-edged sword of Australia’s Consumer Data Right
This article from Basiq focuses on "action initiation," a feature of the CDR that allows third-party providers to initiate transactions on behalf of consumers. While this feature has the potential to improve the customer experience, it also poses security risks and raises concerns about liability. The article recommends that banks and third-party providers work together to address these concerns and ensure that the CDR is implemented in a way that benefits everyone.
Basiq link: Basiq - Action Initiation
CDR data quality targeted for extra ACCC attention
The Australian Competition and Consumer Commission (ACCC) is focusing on improving the quality of data that is shared through the CDR regime. The ACCC has found that the quality of the data is often poor, leading to errors and delays. The regulator plans to work with Data Holders and ADRs to ensure that the data is accurate, timely, and consistent, and will also develop guidance to help them meet these standards. The ACCC believes that improving data quality will increase consumer trust and confidence in the CDR, and promote competition and innovation in the financial services industry.
Article link: CDR data quality targeted for extra ACCC attention
ACCC Consultation: Data Quality in the Consumer Data Right: Findings from Stakeholder Consultation
Energy software products appearing
There are now three active service providers in the Australian CDR energy Software Product market, namely Adatree, Basiq, and Verifier. Basiq is being used by Greenr Global Pty Ltd to collect energy CDR data. Australian banks such as Commonwealth Bank and Bendigo Bank have financial interests in energy providers, and Commonwealth Bank and Westpac Bank have introduced carbon tracking to their internet banking apps, based on consumer spending. However, actual energy consumption data would provide more accurate usage. Fiskil has also entered into a CDR representative arrangement with PowerPal, an energy monitoring tool, which suggests the release of a new Software Product soon.
Current Energy Software Products:
Adatree - Accurassi and Solar Analytics
Basiq - Greenr
Verifier - Verifier Energy Insights
Mastercard launches a Software Product
Mastercard has launched a Software Product titled: Mastercard Open Banking Solutions. They appear to be targeting banks.
“A single integration to access consent driven consumer data.
When consumers can securely share their banking data with the utmost confidence under Mastercard’s trusted brand – choosing which data is shared and with whom —a whole new world of opportunity opens. For them and for you. “
Mastercard link: Mastercard Australia web site - Open Banking
CDR Representative Arrangements
ADR Principal: Fiskil Pty Ltd
PowerPal Pty Ltd
Start Date: 29/03/2023
Notes: Energy monitoring tool.
Web page: https://www.powerpal.net
New Software Products
Verifier Australia Pty Ltd
DRSP000135 - Verifier Energy Insights
Active
Basiq Pty Ltd
DRSP000151 - Flux Technologies Pty Ltd
Active
SISS Data Services Pty Limited
DRSP000153 - ACSISS My Data
Active
Mastercard Asia/Pacific Pte. Ltd.
DRSP000171 - Mastercard Open Banking Solutions
Active
Basiq Pty Ltd
DRSP000174 Quantaco Securities Pty Ltd
Active
Basiq Pty Ltd
DRSP000176 Moroku Pty Ltd
Active
Basiq Pty Ltd
DRSP000182 Golden Eggs Home Loans
Active