OPEN BANKING
CDR Access Models
Organisations must choose a pathway for participation or ‘access model’ to be able to use Open Banking data under the Consumer Data Right.
Read on to discover more about the different options and how Basiq can help.
Questions? Talk to an Open Banking expert today
What is an access model?
Accreditation granted by the ACCC with unrestricted access to CDR data.
In simple terms, an access model is an approved pathway to connect to banking data under the Consumer Data Right.
Companies wanting to connect to consented customer data via Open Banking must meet strict security and compliance requirements as outlined by the Australian Competition and Consumer Commission (ACCC). The requirements differ depending on the access model a company uses to connect to and receive data. A number of access models have been developed to reduce the barrier to entry and drive the adoption of Open Banking in Australia.
Deciding the right option to suit the needs of your business can be confusing. We have pulled together a brief explainer guide below for the models.
Outlining the access models under CDR
More information about the CDR access models
Accredited Data Recipient (ADR)
ADR’s can send and receive (with customer consent) raw CDR data, which they can use to deliver a product or service. It also allows them to act as a Sponsor or Principal to other businesses under other access models who need CDR data for their own service delivery.
ADR’s are accredited by the ACCC and the application process can take an extended period of time to complete. It’s the most complex of all the access models and applicants must meet stringent compliance requirements. Basiq has been an ADR since 2021.
Sponsored Affiliate
Businesses who become a Sponsored Affiliate have accredited access to data via an ADR acting as a Sponsor. This model allows Sponsored Affiliates some of the same privileges and access to CDR data as an ADR, but at a lower cost and in less time.
Although it is an accelerated path to accreditation, Sponsored Affiliates must be approved by the ACCC and can take between 1-3 months. They also must provide a self-assessment to prove they are compliant with the relevant CDR rules and submit a re-attestation every two years.
Basiq is a Sponsor for the first ever accredited Sponsored Affiliate.
Principal and Representative
The Principal and Representative Model is an accelerated way businesses can access Open Banking data. There is no official accreditation needed, instead a business is able to access data as a Representative via an ADR that acts as a Principal.
Basiq is a Principal to a number of Representatives listed on the CDR website and has been able to provide some businesses with access in as little time as a week.
Trusted Advisor
This model allows consumer consented data to be shared with ‘trusted advisors’, including financial advisers, mortgage brokers, accountants, tax agents and/or lawyers.
Trusted Advisors don’t require CDR accreditation, but they must hold appropriate accreditation or licenses in their respective professions as outlined in the CDR rules. Trusted Advisors can access data by having a contractual relationship with an ADR. As always, data can only be shared with a consumer’s permission.
CDR Insights
CDR rules allow consumers to share insights with individuals or organisations outside the CDR ecosystem for specific low-risk purposes, including verifying a consumer’s identity, account balance, or details of transactions to or from specified accounts.
Businesses can access CDR data via this model by having an agreement with an ADR, but there are limitations on what data can be obtained under CDR insights.
Outsourced Service Provider (OSP)
While this is not a CDR access model, an ADR (the Principal) can engage an OSP to collect CDR data on their behalf or provide goods and services using the CDR data it has collected.
An OSP must have a written contract with the ADR outlining the purpose of the arrangement and can only obtain data with consumer consent. They also have a responsibility to protect the data as if they were accredited.
Ready to access Open Banking?
The Basiq team can help determine the best access model for you and guide you through the process, please get in touch if you would like to find out more.
Deciding on an access model is only step one of the process enabling businesses access to the raw data. If your business has a specific use case in mind, you will also most likely need an Open Banking provider to help deliver your product or service.
We’ve got your back though! Find out more about how a provider can help and the key things to consider when choosing the right one for your business.
Get started with Open Banking
Chat with a Basiq Open Banking expert today.
