CDR Insights is a new data access model available from 1 February 2022 that will allow open banking data under the Consumer Data Right (CDR) to be used much more widely and by many more parties. In fact, we think CDR Insights will be one of the most convenient and useful elements of open banking, especially in the payments space. This is because CDR Insights can be used in Australia for bank account verification and validation, areas that we already know from our experience in Europe and the UK are incredibly powerful for businesses of all types.As an example, a third party, such as a conveyancer or a bookkeeper, might want to check the bona fides of a payee’s bank account before making a payment. The CDR Insights model permits TrueLayer, as an Authorised Data Recipient (ADR), to request confirmation from the payee’s bank, with the payee’s consent, that the account is held in the name of the expected payee and to share that insight back to the third party. The CDR Insights model shares insights, rather than the actual raw data. These low risk insights can be hugely beneficial to a wide range of businesses. Another example is verifying there is enough cash in an account – all via a simple ‘yes or no’ and without actually handing over any sensitive information to the third party. To find out more about CDR Insights, as well as the other latest access models, read our own insights here.
How to use CDR Insights with TrueLayer
CDR Insights are set to be one of the most useful elements of open banking.
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