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Consumer Data Right

Wed, 09 Jul 2025

Using CDR Data to Streamline Customer Onboarding and KYC

In digital finance, customer onboarding and Know Your Customer (KYC) processes are more than compliance checkboxes, they’re your first impression. But some workflows still require the upload of PDF bank statements... in 2025.

The Consumer Data Right (CDR) is changing that, offering real-time access to trusted financial data that can modernise onboarding, reduce fraud, and get customers up and running faster.

What Is the Consumer Data Right?

The Consumer Data Right is an Australian Government initiative that gives individuals and businesses control over their own data, allowing them to securely share it with accredited third parties via standardised APIs.

For onboarding, CDR means instant access to:

  • Verified identity information
  • Account and transaction data
  • Income and spending profiles
  • Real-time financial insights

All with the customer’s explicit consent, and without the friction of traditional document-based verification.

Why Traditional Onboarding Falls Short

Outdated onboarding flows rely on:

  • Manual ID uploads
  • PDF bank statements
  • Paper forms and wet signatures
  • Inconsistent credit bureau data

These steps are slow, error-prone, and frustrating for users. They increase abandonment rates and make it harder to meet AML/CTF compliance requirements in real time.

How CDR Improves Onboarding and KYC

1. Verified Identity in Real Time

CDR APIs pull verified identity data directly from a customer’s bank, removing guesswork and reducing dependency on third-party ID checks.

Example: Instantly match name, date of birth, and address fields to meet AML obligations.

2. Live Income & Expense Insights

Classify income streams and spending categories directly from transaction data, ideal for lenders, BNPL, and financial wellbeing apps.

Example: Distinguish salary from freelance income or government benefits at a glance.

3. Instant Bank Account Verification

Replace micro-deposits with real-time account validation. CDR delivers account details directly from source, speeding up payments and disbursements.

Example: Confirm account ownership and details before releasing funds.

4. Stronger Fraud Detection

CDR data is sourced from regulated institutions and can’t be faked, making it far more reliable than scraped data or uploads.

Example: Spot mismatched personal info or synthetic identities before approval.

5. Frictionless User Experiences

“Connect your bank” onboarding flows reduce drop-off and increase conversion. Customers get a seamless, secure sign-up process with no paperwork required.

Example: Go from zero to fully onboarded in under five minutes.

Fiskil: Your CDR Onboarding Infrastructure

Fiskil provides the building blocks for modern onboarding, including:

  • Secure access to consumer banking and energy data
  • Built-in consent and compliance workflows
  • Identity, account, and income verification via API
  • Turnkey CDR infrastructure, no accreditation required

With Fiskil, you stay aligned with the CDR while focusing on building standout user experiences.

Use Cases

  • Lenders: Income verification, expense insights, credit profiling
  • BNPL: Real-time affordability checks
  • Neobanks: Instant, document-free sign-up
  • Wealthtechs: Source-of-funds validation
  • Utilities: Bank account verification for billing and transfers

Final Thoughts

Open Banking under the CDR has redefined how financial services onboard customers—replacing friction with flow, and uncertainty with trusted data.

With Fiskil’s CDR APIs, you can offer a faster, safer, and smarter onboarding experience - built on real-time data, not paperwork.

Want to launch smarter onboarding flows with CDR?
Let’s talk.

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Fiskil

Fiskil

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