A key focus will be how the Consumer Data Right could be expanded beyond the current ‘read’ access to include ‘write’ access.
This could enable customers to direct third parties to apply for and manage products and services on their behalf – including, for Open Banking, by making payments and changing accounts – through application programming interfaces (APIs).
The Inquiry will consider potential benefits of, and barriers to, implementing write access, including regulatory compliance costs.
The Inquiry will focus on the future purpose, use and vision for the Consumer Data Right, rather than its current implementation or the sectors to which it should be next applied.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.