The CDR is designed to provide more secure transfer of data between consumers, data holders and recipients, as well as provide the consumer with more control and management over the data they do share.
In the current data environment which uses screen scraping to share data, customers must share their password with providers. They have no ability to view, manage or withdraw consent. There is no visibility into third parties receiving this data. Customers do not have control over the length of time they consent to data being shared, and have no rights to delete data. Data recipients are not subject to regulatory requirements or minimum standards.
“The CDR process is not as easy as screen scraping, which is the data collection method that we use now. But it does provide a lot of comfort and security, knowing that it’s Government regulated, and there’s lots of rules and regulations around what data can be used and for what purpose”. – Jon Shaw.