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CDR Sandbox

Friday 22 July 2022

This week the Australian Competition and Consumer Commission (ACCC) launched a sandbox for the consumer data right (CDR).

This comes more than a year after banks were required build process to the share data with other financial services directed by the consumer.

Recently the Bank of Queensland (BOQ) paid a fine of   $133,200 after the for not having the facility to share consumer data on 1 July 2021. 

ACCC Commissioner Peter Crone said in an official statement, “Creating a sandbox to complement our existing mock solutions tools is just one of many steps we are taking to make the process for businesses joining the Consumer Data Right easier and more affordable.”

The ACCC is the is the latest in Australian regulators to introduce sandbox which ultimately improve customer outcomes. 

The Australian Securities and Investments Commission (ASIC)  announced an enhanced regulatory sandbox in 202 which superseded the initial regulatory sandbox which was administered by the securities and investments commission. 

“As the CDR develops, it is important that flexible testing options are available for participants wanting to become active in the Consumer Data Right, so that the ecosystem can expand, and consumers can have more and more choices.”