What is the Consumer Data Right (CDR) for Open Banking?

When applying for a loan with the help of your Broker, you might have heard about the Consumer Data Right (CDR) and Open Banking. Here's a simple explanation:

What is the Consumer Data Right (CDR)?

The Consumer Data Right (CDR) is an Australian regulatory framework. It gives you, the Consumer, more control over your data.

Purpose of the CDR

The CDR allows you to securely access and share your data with accredited third parties, like Frollo. This enhances competition, innovation, and provides you with more choices in various industries, particularly in banking.

Open Banking and the CDR

In the context of banking, the CDR enables Open Banking. Open Banking means you can give your explicit Consent to share your banking data with Frollo, who is an Accredited Data Recipient (ADR).

Benefits for You:

• Control over Your Data: You decide who gets access to your data and for how long.
• Secure Sharing: Data is shared securely through regulated channels.
• Streamlined Processes: Sharing your data through Open Banking can streamline processes like applying for a loan.