Dear <<First Name>>,
Voluntary publication of product reference data
Several of the big four banks have commenced voluntary publication of product reference data (PRD) from today.
The ACCC welcomes publication of PRD as an important first step in the implementation of the consumer data right (CDR) in the banking sector and the delivery of benefits to consumers.
PRD provides information about the features and descriptions of bank products, including interest rates, fees and charges, and eligibility criteria. Publication of PRD will be of particular benefit as an aid to comparison services.
Until CDR legislation, rules and standards are in place, publication of PRD will remain voluntary. The ACCC expects that banks will progressively enhance their PRD over the coming months and anticipates that the data coverage will not be complete immediately. The ACCC looks forward to continuing to work with the banks to improve data quality and consistency over time.
GitHub update
The last CDR newsletter announced the establishment of the ACCC's GitHub repository and consultation on the Register Discovery API. Yesterday, the ACCC updated its GitHub repository and is seeking comments on register design relating to client registration, with static client registration and cache refresh metadata request as the preferred option.
The ACCC expects to further update GitHub to seek comments on security profile and certificate management in the coming days.
The registration and accreditation platform is a key component of the secure sharing of consumer data between registered data holders and accredited data recipients. The ACCC is seeking to optimise its design and architecture through consultation on GitHub.
Consultation guidance can be found at: Consumer Data Right Register GitHub.
Kind regards,
Consumer Data Right Branch
Australian Competition and Consumer Commission (ACCC)