How does CDR and Open Banking work?

Data is shared from a Data Holder (such as a bank) to an Unrestricted ADR (i.e. Moneysoft) electronically and can only be accessed through a tested and approved App, web-based platform or system.

The approval and testing process by the ACCC is lengthy and requires strict IT protocols and privacy standards to be in force to ensure the environment the data is being transferred to within the Unrestricted ADR is private and secure.

A Trusted Adviser can then gain access to that data via the Unrestricted ADR’s app or website.

The below diagram provides an overview of how this system and data sharing works:

In summary, as outlined above, the step by step process involves:

  1. Giving Consent – a customer gives permission for a provider to access their personal and business data. Consent is granted via the provider’s website or app.
  2. Identity Check – the customer’s ID is verified by your existing provider via a One Time Password.
  3. Digital link – The website or app link to your existing provider’s website or app where the customer can confirm the data that they’d like to share. They’ll be able to manage the data they share.
  4. Sharing Data between providers – data is transferred to the prospective provider in a machine-relatable format.
  5. Using the Provider’s service – Customers will be able to use accredited provider’s service with their data being shared.

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