Australia's competition regulator has flicked the switch on the register and accreditation application platform (RAAP) for the consumer data right ahead of its planned start in July.
The Australian Competition and Consumer Commission launched the platform, which it has described as the “IT backbone” of the scheme, on Tuesday.
The platform will serve as the “trusted data environment” for the CDR “where encrypted data is shared between approved participants”, the ACCC said.
An accompanying “CDR participant portal” has also ben launched that will allow businesses to apply to become accredited data recipients for the scheme.
ACCC said the release of the two “marks a significant development in the CDR because the RAAP is the IT backbone of the CDR”.
“This … platform and portal means businesses of all sizes can take the first steps towards being part of this crucial economic reform,” ACCC commissioner Sarah Court said.
“As more businesses become accredited over time, consumers will benefit from an increasing number of innovative services and a vastly improved experience that puts them in control of their data.
“We are encouraging businesses wanting to participate in the consumer data right regime to apply for accreditation and take part in reshaping banking competition in Australia.”
The sharing of banking data between major banks and initial accredited data recipients will begin in July.
Last month, the ACCC committed to forging ahead with the planned introduction of the CDR, despite the impacts of COVID-19 on both data recipients and data holders (banks).
“Some data recipients have had to pause their work on the consumer data right for the time being, while others have expressed a wish to press ahead without delay,” it said at the time.
The ACCC said some recipients were facing funding challenges and an “inability to progress technology development” due to the effects of COVID-19 on IT resources.
A loss of clients, difficulty obtaining information security control audit certificates due to travel restrictions in Australia or overseas, and competing business priorities were also cited.