While CDR enables accredited entities to receive and leverage CDR data on behalf of consumers, this doesn’t necessarily work for all companies.
What if you just want a verified yes or no to a specific question, instead of handling all of the data and filtering through it yourself? Introducing CDR Insights – making the CDR useful and accessible to all companies, while maintaining consumer data protections.
insights INSTEAD OF raw data
Regulatory updates in the CDR Rules introduced the concept of CDR Insights. A CDR Insight enables consumers to authorise ADRs with unrestricted accreditation (like Adatree) to share a limited range of low-risk CDR data with third parties, who don’t need to be accredited in the CDR. This for the purposes of verifying:
- the consumer’s identity;
- the consumer’s account balance; and
- the details of credits to or debits from the consumer’s accounts.
There are regulatory restrictions on what an insight can or cannot be, for example sharing full transaction lists or dates of multiple transactions.
“CDR Insights is gaining popularity in how companies can access verified data without any of the storage or accreditation. This minimises data transfers or data held, and is incredibly useful for companies receiving verified insights, with consumer protections at the heart of this regulatory update.” – Shane Doolan, Adatree CTO.
Prior to CDR Insights, the only other options were to get regulatory access to the raw CDR Data – either through accreditation as a Data Recipient, or as a Trusted Adviser, CDR Affiliate or CDR Representative.
INNOVATIVE USES OF CDR INSIGHTS
CDR Insights still has complete consumer control and clear consent, with only the Insight given to a third party. Two simple use cases that are consumer friendly and impactful to businesses:
- Verify account ownership. Based on the authentication methods through the CDR, this ensures seamless and real-time verification that someone is truly the account owner. This would be useful for procurement, direct debit verification or account verification before crediting or debiting payments.
- Verify account balances. An example would be if a payments company wanted to check the real-time balance of an account before processing the payment to reduce rejected debits. An account balance threshold or the exact balance could be shared, depending on the use case and consent.
Adatree expects that CDR insights will provide a secure channel for authenticating individuals or transactions. This data is coming directly from a regulated source and through the trusted CDR framework.
how do CDR INSIGHTS work?
Insights work within the CDR regulatory framework, with the example workflow below.
- Define Insight: Businesses define their use case and what ‘CDR Insight’ they’d like to receive. A CDR Insight has to be permitted by law – it can’t just be anything.
- Consumer consent: Consumers consent for the outcome of a specific insight to be sent to a third-party. The outcome is shared, not all of their data.
- Data sharing: Adatree, a data recipient with unrestricted accreditation, receives only the specific, necessary data from the Data Holder, an entity that the consumer has accounts with. The Insight is created after analysing or filtering the received information.
- Share CDR Insight: Adatree shares outcome of the analysis, the CDR Insight, with only the specified third party that the consumer agreed to share the insight with. An example might be that their account is confirming to belonging to them.
- Delete raw data: Adatree deletes the raw data in accordance with its CDR Policy. There is nothing stored or kept unnecessarily, all aligning to the regulatory frameworks.
insights api in Adatree’s Developer Portal
The CDR Insights API is now live in Adatree’s CDR Developer Portal, which was built to accelerate innovation for any developer wanting to explore the possibilities of CDR.
In addition to the CDR Insights API, the documentation in our Developer Portal has Data API definitions for Adatree’s Accredited Data Recipient (ADR) Platform as well as the ability to test drive your own data.
Adatree’s mission has always been to remove barriers for businesses to bring their use cases to life. By supporting CDR Insights for businesses, we’ve leverage regulatory changes to power their services – all the benefits of the CDR without any of the regulatory burden.
We’re working to deliver the best possible experience for developers working with CDR. Our documentation is regularly updated to align to the standards and our team are constantly reviewing the platform to ensure we’re evolving our product to meet the needs of our clients.
As Australia’s first accredited and active CDR intermediary, this feature is yet another first for a CDR intermediary. We hope it will support further innovation and power more use cases.
get started WITH INSIGHTS?
Speak to our team and let’s explore the possibilities of CDR Insights for your business.
