11 ADIs partner with Adatree as CDR representatives

The 11 ADIs will rely on Adatree’s accreditation to become data recipients, rather than having to go through the full accreditation process. Banking Day argues that this is a significant development in a scheme that has been slow to take off, in part because participants say access is too complex and costly.

Responding to these criticisms, in October 2021 the government amended the CDR rules, introducing a tiered accreditation system that includes sponsored accreditation, a CDR representative model, and access by trusted professional advisers.

According to Adatree’s chief executive, the 11 authorised deposit-taking institutions will have the same access to customer transaction data as a fully accredited data recipient. Adatree takes responsibility for that access and has developed a risk management framework to monitor its representatives.

Berry said representative status was not a shortcut to data access. ADIs still have to meet technical requirements but the accreditation is much faster.

The 11 are Auswide Bank, Bank Vic, BankWAW, Central Murray Credit Union, Central West Credit Union, G&C Mutual Bank, Laboratories Credit Union, Macarthur Credit Union, QBank, Southern Cross Credit Union, and Transport Mutual Credit Union. Adatree also has a representative agreement with mortgage broking software provider Sherlok, which it signed in December 2021.

Berry said most ADIs have started planning how they will use CDR. The most popular use case at the moment is improving access to customer data for loan applications.

According to Banking Day, Adatree recently released a report on Open X use cases, which refers to CDR applications across a range of industry segments. Data sharing for the energy sector starts October 2022 and the government has released a plan for the extension of CDR to non-bank financial institutions.

Accredited data recipients in the CDR system can deal with data providers in all industry segments that become part of CDR.