ACCC mean business with CDR, but what exactly is Consumer Data Right?
Bank of Queensland have paid a $133,200 fine for alleged breaches of Consumer Data Right (CDR) rules.
This is the first charge the Australian Competition and Consumer Commission (ACCC) has made with regards to violation of the Frollo allow you to select which bank is offering the most attractive deal with multiple providers housed in the one place.
It also gives third party providers the ability to provide more accurate comparisons with personalisation for your information.
What’s next for CDR?
2022 has enabled personal loan and business banking information to be shared securely, spreading the benefits of open banking to those areas.
The end of 2022 into 2023 will see CDR being rolled out into the energy sector. With seriously high energy costs being the talk of the town, this could be a total game-changer for weary wallets.
Find out more about developments in the tech world at our Fintech hub.
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