The Australian Consumer Data Right (CDR) rules have officially been updated and will allow business consumers to easily share their data with more third parties, including software providers.
These amendments introduce a new type of consumer and consent to the CDR:
- Business consumers: non-individuals who have an active ABN.
- Business consumer disclosure consent: authorises Accredited Data Recipients (ADRs) to disclose CDR data to a specified person.
What do these changes mean?
Businesses will be able to consent to ADRs sharing CDR data with specified persons who are not accredited, such as consultants and other advisors who are not currently classified as Trusted Advisors. This change will also allow businesses to disclose CDR data to their bookkeepers and Digital Service Providers (DSPs) who provide software services for small businesses for an extended period of up to 7 years.
For ADRs, these changes will mean they need to re-confirm that business consumers are not individuals and have an active ABN.
These changes will allow DSPs to get involved in the CDR and offer new services for small businesses. While the rules come into effect in
December, if you’re interested in participating in the CDR, it may be time to start thinking about how you could get involved.