Glossary of frequently used terms in CDR

What is an ADR? What are APIs? What is a DH?

With so many different acronyms and terms, the rapidly evolving world of the Consumer Data Right (CDR) can be tricky to navigate. In this blog post, we set out a glossary of commonly used terms in the CDR and demystify what they mean.

• Accredited Data Recipient (ADR): Accredited data recipients are providers that receive data under the CDR. They must meet strict criteria to be accredited by Treasury.

• Application Programming Interface (API): An API is a software intermediary that allows two applications to ‘talk’ to each other. It is a way to enable various programs to work together into a single application or system, by providing a method for communication. To find out more about APIs, read our blog post here.

• Authorised deposit-taking institutions (ADIs): ADIs are financial institutions licensed by the Australian Prudential Regulatory Authority (APRA) to accept deposits and conduct banking activities.

• Consumer Data Right data: Consumer Data Right data is any data that an individual or small business can share with an accredited provider under the CDR scheme. Some examples of CDR data include product reference data (which comprises generic information for credit and debit cards, deposit accounts and transaction accounts) and personal financial data (for example, account balances and transaction details).

• Consumer Data Right Registrar: The Consumer Data Right Registrar is the organisation responsible for the Consumer Data Right Accreditation Register.

• Consumer Data Right Participant Portal: The Consumer Data Right Participant Portal is the online portal through which an applicant can complete and submit an accreditation application to become an ADR.

• Consumer Data Right Rules: The Consumer Data Right Rules refers to the Competition and Consumer (Consumer Data Right) Rules 2020, which sets out the legal framework for how the CDR will operate. The CDR rules define the elements for consent, outline the accreditation framework and elaborate on the privacy aspects of the scheme.

• Consumer Data Standards: The Consumer Data Standards have been developed by the Data Standards Body (DSB). They are the standards that data holders and accredited data recipients must follow. The Consumer Data Standards set out rules to ensure safe and secure data sharing under the CDR scheme.

• CX Standards: The CX Standards form part of the Consumer Data Standards. They are standards in consumer experience (CX) that data holders and accredited data recipients must follow. The CX Standards have been developed to ensure that users have a simple, informed and accessible experience across different providers across the CDR ecosystem.

• Data holder (DH): Data holders are providers that currently ‘hold’ a consumer’s data. In the banking context, they are the individual’s or small business’s bank. In energy, they are the existing utility company.

• De-identification: De-identification is the process through which CDR data is anonymised. This includes stripping the CDR data of any information which may potentially identify a specific person (such as their name, address, phone number) or a small business.

• Open Banking: Open banking is a generic term used to describe the implementation of CDR in the banking sector. Open banking allows for data to be shared via APIs. In Australia, this must be done with the consumer’s explicit consent. To find out more about Open Banking, read our blog post here.

• Open Energy: Open Energy refers to the rollout of the CDR in the energy sector. The market for energy in Australia is complex, and there are lots of organisations out there that hold data about the way you use energy. Open Energy will give you access to this data for the first time.