Eleven authorised deposit-taking institutions have signed with data intermediary Adatree to access open banking data as Consumer Data Right representatives.
Rather than having to go through the full accreditation process to become data recipients, the 11 ADIs will rely on Adatree’s accreditation to get access to the system.
This is a significant development in a scheme that has been slow to take off, in part because participants say access is too complex and costly.
Responding to these criticisms, in October last year the government amended the CDR rules, introducing a tiered accreditation system that includes sponsored accreditation, a CDR representative model and access by trusted professional advisers.
Adatree chief executive Jill Berry said the 11 ADIs will have the same access to customer transaction data as a fully accredited data recipient.
Adatree takes responsibility for that access and has developed a risk management framework to monitor its representatives.
Berry said representative status was not a short-cut to data access. ADIs still have to meet technical requirements but the accreditation is much faster.
The 11 are Auswide Bank, Bank Vic, BankWAW, Central Murray Credit Union, Central West Credit Union, G&C Mutual Bank, Laboratories Credit Union, Macarthur Credit Union, QBank, Southern Cross Credit Union, and Transport Mutual Credit Union.
Adatree also has a representative agreement with mortgage broking software provider Sherlok, which it signed in December.
Berry said most ADIs have started planning how they will use CDR. The most popular use case at the moment is streamlining access to customer data for loan applications.
Adatree recently released a report on Open X use cases, which refers to CDR applications across a range of industry segments. Data sharing for the energy sector starts next month and the government has released a plan for the extension of CDR to non-bank financial institutions.
Accredited data recipients in the CDR system can deal with data providers in all industry segments that become part of CDR.