Issue 9: 2022 end of year round up
Year summary
Accredited Data Recipient (ADR) growth resulted in almost double the number of participants in the Consumer Data Right (CDR) ecosystem. CDR Representative Arrangements which were introduced this year have outgrown the unrestricted ADRs. Software Products have also doubled during the year. We also saw the first sponsored ADR and the first CDR Representative Arrangement to convert to an unrestricted ADR.
The ACCC and Treasury have pushed ahead with Telecommunication and Open Finance as well as Payment Initiation.
Total ADR’s: 37 with 24 currently active
CDR Representative arrangements: 76
Total active Software Products: 76
Total registered Software Products: 142
DATA RECIPIENTS
Big Four Banks
3 out of 4 Banks are active (Commonwealth Bank, National Australia Bank and Westpac Bank)
Commonwealth Bank’s “unloan” brand has not gone live with their two Software Products (Account Management and Auto Verification)
2 Account aggregation Software Products (Money Management from Commonwealth Bank and Account Aggregation from National Australia Bank)
Only ANZ remains unaccredited
Other Banks
5 second tier Banks (Bank of Queensland, Beyond Bank Australia Limited, Police & Nurses Limited, Regional Australia Bank, Suncorp-Metway Limited)
3 Active, with 5 brands (Beyond Bank Australia Limited, Police & Nurses Limited, Regional Australia Bank)
Non-bank lenders
5 (Beforepay, Fundo Loans, CashnGo, Cash Converters and Liberty Financial)
SOFTWARE PRODUCTS (SERVICE OFFERINGS)
Personal Finance Management Tools (PFM) type Software Products
Account Aggregation 2 (Commonwealth Bank and National Australia Bank)
Personal Finance Management Tools 8 (Frollo, P&N Bank, bcu, Wych Money, Beyond Bank +, Finder, PocketSmith and WeMoney)
Loan Tracking Software Products
2 (Rate Track Pty Ltd and Sherlock)
Loan related Software Products
Regional Australia Bank – Loan Affordability Assessment
Frollo – Financial Passport (used by realestate.com.au)
NextGen – Financial Passport (first Trusted Advisors accreditation allowing Mortgage Brokers access to CDR data)
Adatree Pty Ltd - CDR Broker Access
Energy Software Products
Greenr Global Pty Ltd (T/A Greener) – carbon spend tracking
Accurassi – solar system cost and investment analysis
OTHER
Unusual ADR’s (CDR Representative Arrangements)
Way Forward Debt Solutions Limited – not for profit debt management service
Entain Group Pty Ltd – one of the major online gambolling providers with brands bookmaker.com.au and Ladbrokes
Gone but not forgotten……
Volt Bank – deregistered as an ADR when it lost it’s banking licence
TrueLayer Limited – close down it’s Australian operation
myCDRDataPro – sold by Regional Australia Bank to Cuscal
New Accredited Data Recipient
Waave Technologies Pty Ltd
Accreditation number: ADR002023
Date: 19 December 2022
Web site: www.waave.com
Notes: First CDR Representative Arrangement to convert to unrestricted. Waave was Adatree’s first customer.
Finsure members become the first brokers to access open banking
In a move sure to concern the Banks, NextGen formally introduced the Trusted Advisor model for sharing CDR data with Mortgage Brokers. Utilising the Frollo developed and supported “Finance Passport” Software Product Finsure became the first mortgage brokerage to be able to import banking data directly to the NextGen ApplyOnline system. This will enable Mortgage Brokers to generate income and expense estimates using their customer’s banking data.
“We saw the opportunity to streamline the mortgage application process with open banking data to help brokers and lenders save time and deliver more value to their customers,” Tony Carn said.
None of the major banks is currently importing third-party banking data for mortgage processing via the CDR. This will likely change with Commonwealth Bank’s unloan brand and Westpac’s Application Verification Software Product.
Adatree is also looking to get involved with their “CDR Broker Access” Software Product.
2023 may be the year of refinancing with Open Banking data!
Article Link: Finsure members become the first brokers to access open banking
iSignthis denied Consumer Data Right accreditation
The ACCC was not satisfied iSignthis would be able to comply with the obligations of an ADR under the rules.
“We refused to accredit iSignthis because we were not satisfied on the material before us about iSignthis’s data security protections, insurance and whether it is a fit and proper person to be accredited,” ACCC Commissioner Peter Crone said.
Article Link: iSignthis denied consumer data right accreditation
ING Bank fined for allegedly missing CDR deadlines
ING Bank became the second bank this year to be fined by the ACCC for failing to meet deadlines. Additionally, the ACCC has claimed the bank mislead consumers through statements on its website about the reliability and security of its CDR service. The statement has since been removed.
Fine value: $53,280
Article Link: ING Bank fined for allegedly missing CDR deadlines
Regional Australia Bank sells its myCDRData platform to Cuscal
Article on the recent sale of the myCDRData and myCDRDataPro Software Products and services.
Article Link: Regional Australia Bank sells its myCDRdata platform to Cuscal
Accurassi enters the Energy market
Accurassi the developers of the original online Energy comparison service has entered the CDR ecosystem with a new Software Product.
Accurassi offers energy comparison, evaluation of solar systems and financial costs of running EVs.
‘Game changing’ action initiation CDR legislation introduced
Interesting article on the action initiation legislation.
“The bill also enables the government the ability to require existing data holders (such as banks, energy companies, or energy retailers) to become action service providers in the CDR, meaning that they would have to perform actions in accordance with valid instructions received from third-party accredited action initiators as if they came directly from the consumer.”
Action initiation is effectively a digital power of attorney, that allows for the ADR to open or close accounts, as well as transfer funds.
Article Link: ‘Game changing’ action initiation CDR legislation introduced
CDR Representative Arrangements
ADR Principal: Basiq Pty Ltd
Entain Group Pty Ltd
Start Date: 16/12/2022
Notes: Entain Group Pty Ltd is one of the major online gambolling providers with brands bookmaker.com.au and Ladbrokes
Web page: https://entaingroup.com/
ADR Principal: Basiq Pty Ltd
Flux Technologies Pty Ltd
Start Date: 01/02/2023
Notes: Financial literacy provider
Web page: www.flux.finance/about
New Software Products
Frollo
DRSP000136 - Money Partner
Status: Active
Adatree Pty Ltd
DRSP000142 - Accurassi
Active
Newsletter update
This is the last issue for 2022. With the regulators, ADRs and Data Holders going into the Christmas shutdown, I’m taking a break as well!
Issue 10 will be sent on the 29th of January.
Thanks again for all your support this year.