CDR compliance is only the beginning
ProductCloud not only saves time in complying with Consumer Data Rights (CDR) standards but also empowers banks to take a proactive stance by utilising CDR data to stay ahead of industry trends.
Achieve CDR Compliance in Less Than One Day
Save time by avoiding months of internal system and technology development. ProductCloud's platform streamlines the management and secure transfer of Product Reference Data (PRD), facilitating seamless collaboration among product owners and teams, consumers, data recipients and regulatory bodies.
CDR Compliant APIs
The CDR schema involves navigating a complex set of data and technology requirements, standards and business process updates. ProductCloud simplifies this process and helps businesses meet their PRD obligations through a highly secure API.
Built-in product triggers
Automated product triggers prevent non-compliant products from being published. Be assured that your old and new products will only get released to customers if they comply with the Open Banking PRD schema.
Efficient ongoing compliance
CDR standards are constantly changing — ProductCloud changes with them. Our API-first platform facilitates integration with internal and external product channels to keep product information standards updated and consistent. No constant monitoring needed.
Compete with market-ready CDR data
Stay competitive with market insights and improve your customer experience with high-value CDR data. Refine financial products, pricing models, and market outreach to break into new niches and satisfy existing customers.
Effortless CDR compliance in minimal time
Get started with ProductCloud. Request a demo today.
Consumer Data Right FAQs
What is CDR?
Consumer Data Right is an opt-in service whereby consumers can access and share their data with accredited third parties (i.e. ADIs, banks, and insurance providers) through a secure automated technology. Visit CDR.gov.au for more information.
How does CDR affect financial services products?
Banks and ADIs must comply with CDR regulations. This means meeting over 700 obligations involving technology, data standards and business processes.
When do banks and ADIs need to comply with CDR?
All licensed ADIs in Australia must comply with the Consumer Data Right (CDR) standards for Product Reference Data by July 2020. This is outlined in the ACCC's phasing table.
Who governs the CDR?
Consumer Data Rights are governed by the Australian Competition and Consumer Commission (ACCC), the leading legislative body for consumer rights in Australia. Visit CDR.gov.au for more information.
Who sets the CDR standards?
The standards for the Consumer Data Right APIs are set by the CDR Data Standards Body (DSB) in consultation with the Australian Competition and Consumer Commission (ACCC) and the Office of the Australian Information Commissioner (OAIC). Visit the DSB website to view the standards.
What business types does ProductCloud support in CDR compliance?
ProductCloud is an out-of-the-box solution that supports major banks, customer-owned banks, non-bank lenders, and neobanks in CDR adoption. Our cloud-based platform guarantees that product reference data obligations are effectively and efficiently met. ProductCloud will also support insurance and superannuation providers when these industries adopt CDR.
What role does ProductCloud play in CDR?
The ProductCloud team has been at the heart of the Consumer Data Rights technology standards development since its inception. We aim to continue playing a pivotal role in advising ACCC, the Data Standards Body, and Treasury. ProductCloud is committed to the success of our customers and the CDR regime as a whole.