In Australia, only providers accredited by the Australian Competition and Consumer Commission (ACCC) can offer services using the Consumer Data Right. The ACCC accreditation process is rigorous, and requires providers to demonstrate they meet a number of obligations, including insurance, information security, technical and operational capabilities. Wych's ACCC CDR conformance testing was completed early in March 2022 with full activation by the end of March.

An accredited data recipient is an organisation that has met the requirements outlined by the Australian Competition and Consumer Commission (ACCC) to securely access and use data from data holders with a consumer’s explicit consent, in order to provide a service. Becoming an accredited data recipient allows businesses to securely leverage a wide range of financial details to deliver fast, compliant, and personalized services to your customers. Data Holders obligated under the Consumer Data Right (CDR) are allowed and encouraged to also become an accredited data recipient, so they can also benefit from the data sharing economy and compete in the ecosystem.  A list of organisations that have met the requirements to become accredited data recipients is available on the official CDR website.(https://www.cdr.gov.au/find-a-provider?providerType=Data%2520Recipient) The amount of open consumer data will grow over time, as more and more providers become accredited across banking, finance and other industries like energy, telecommunications and more. To become an Accredited Data Recipient (ADR) with the ACCC in Australia, you must demonstrate you are a "fit and proper" person/organization, have robust data security to prevent unauthorized access, and maintain internal dispute resolution processes . Key requirements include having an Australian address for service, adequate insurance, and passing the Conformance Test Suite

API refers to a set of application programming interfaces (APIs) which in Open Banking allow authorised third-party service providers to access and use financial data held by banks and other financial institutions. These APIs enable secure communication between different software applications so they can share data and provide customers with more personalised and innovative financial services. Some examples of services that can be built using open banking APIs include budgeting and financial management tools, payment initiation services, and loan and mortgage applications. Open banking APIs can also be used to enable customers to securely share their financial data with third-party providers, such as personal finance apps or accounting software.

Consent is the principle where a customer gives express permission for the collection, use and disclosure of their data. In many regions it's a requirement to request consent before interacting with a customer’s data. Without express consent, you should not able to collect, use, or disclose customer data. When a customer consents they are agreeing to a specific usecase, think of this as the "terms" of the consent. This information needs to be shared with the customer when requesting their data: • Who is requesting access • What they are requesting access to • Why they are requesting access • How long is the access required for • How the data will be handled • How they can revoke consent

Australia’s Consumer Data Right (CDR) gives consumers more control over their own data, enabling them to share it with accredited third parties so they can access better deals on everyday products and services. The Consumer Data Right is an opt-in service, giving consumers the choice about whether to share their data, with full visibility of who it’s being shared with and the purpose for sharing it. The CDR can make it easier to: • compare products and services • access better value and improved services • assist financial and cashflow management. Information is transferred using secure automated data technology called APIs (application programming interfaces — are a software intermediary allowing two applications to talk to each other securely). Wych is an accredited CDR data recipient. We provide and maintain integrations with over 100 data holders so our customers can focus on using the data and delivering better offers to customers.

Data holders are the ‘givers’ in the Australian Consumer Data Right system. They hold the consumer data – for example, a bank or mortgage lender. Registered data holders are required to share a consumer’s data when the consumer directs them to, and only for the period of time allowed, which can be a single use or for a set period of time up to a maximum of one year, after which the consumer must provide consent again. they are required to provide a consent management system enabling a consumer manage their consent and privacy, including the right to be forgotten. Wych can help providers in Australia do the heavy lifting on achieving and maintaining compliance as a data holder. Connect to the Australian CDR ecosystem using our white label Data Holder Service and significantly reduce operational costs. We provide consent management, a full suite of APIs, identity and access management.