We’re proud to announce that as of October 21, 2021, Envestnet | Yodlee is now an Authorized Active Data Recipient and Intermediary under Australia’s Consumer Data Right (CDR). This means we’ve passed technical conformance testing and can now both receive and put into production CDR data from accredited data holders.
Such approval makes Envestnet | Yodlee the first provider with the most comprehensive CDR and non-CDR data sets to become active as an “Accredited Data Recipient” (ADR), making our platform a premier choice for firms looking to compete in Australia’s hybrid and evolving open banking environment while staying ADR and CDR compliant and secure.
New Open Banking Accreditation Models
The Australian government intended to build consumer trust in Open Banking through organisations that received accreditation by the Australian Treasury to make products and services available through the CDR.
Organisations like banks, brokerage groups, and technology companies that met stringent requirements would become unrestricted accredited data recipients (ADRs). The requirements are rigorous. Treasury added the new accreditation models “to accelerate the benefits of the CDR for consumers by reducing barriers to participating in open banking and by allowing more Australians to leverage their data in common banking scenarios.”
On 7 October 2021, the Australian government registered version 3 of the Consumer Data Right Rules. These amendments make changes to the current Unrestricted ADR model and include several new accreditation models. The revisions are designed to lower the barrier to entry to participation in CDR while maintaining trust in Open Banking.
Why Envestnet | Yodlee is the ideal data partner in Australia
20+ years of global open banking experience
We’ve been aggregating financial data and advocating for open banking worldwide for over 20 years. The fact is, our ADR certification in Australia isn’t our first open banking experience. We’ve been at the forefront of these efforts in the United Kingdom, the United States, Canada and South Africa too. Little wonder we’re the trusted aggregation partner of some of the largest U.S. banks to the newest of FinTechs. We scale with your business and provide the support and experience needed in your journey to open banking.
Unlimited global data access + broadest site coverage in Australia
Being an “active data recipient” means we can provide you with the best of both worlds: CDR data feeds and access to Australia’s top banks and non-CDR user-permissioned data from 500+ local sites through secure digital data aggregation technologies and open banking APIs. What happens when you need access to Superannuation accounts but can’t access these through CDR because they’re not in scope? We switch you over to our trusted and secure scraping technology in seconds.
Our FastLink app for simplified and streamlined onboarding
With Envestnet | Yodlee FastLink, consumers can securely link accounts from financial institutions from around the world – including checking, savings, credit cards, investments, mortgage, rewards, bills and more – in seconds using the same app. It’s a powerful tool and key component of any open banking journey, as it enables you to receive CDR data as quickly, efficiently and seamlessly as possible.
Support and local experience
You’ll benefit from our Sydney-based team’s 11+ years of experience in understanding your unique circumstances and supporting your specific business needs to implement solutions and maintain compliance. And rest assured, we proactively monitor our data quality, connections, and customer requirements on an ongoing basis.
The Future is Bright
We offer a full suite of products to support your journey to provide financial wellness to your consumers. For example, we recently launched our Australia and New Zealand-specific responsible lending product, Envestnet | Yodlee Credit Accelerator This technology will enable financial service providers to access quick and accurate consumer data in order to make informed lending decisions.
For more information on how we can use our ADR and CDR accreditations to help you with open banking in Australia, please feel free to contact our Australia-based team.
