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: