Skip to Content

Product reference data sharing obligations commence for ADIs

Looking up at buildings in city at as sun is setting

Sydney, 1 October 2020 – Mandatory product reference data sharing obligations commenced today for non-major authorised deposit-taking institutions (ADIs), covering non-major banks, building societies and credit unions, and the non-primary brands of the major banks.

In compliance with the relevant laws, Rules and Data Standards for the Consumer Data Right (CDR), Cuscal has partnered with a number of clients, including Australian Unity Bank Limited, Bank Australia Limited and Bank of Sydney Ltd, to develop solutions that support compliance with product reference data obligations.

Commenting on clients achieving compliance with the first stage of CDR obligations, Cuscal CCO Bianca Bates said:

Despite the disruption caused by the COVID-19 pandemic, we’ve been able to work closely with our clients to successfully implement solutions supporting the disclosure of product reference data to the market. In some cases services have been implemented within as little as three weeks, ensuring clients have been able to comply with the timelines set by the Australian Competition and Consumer Commission.

We are proud that Australian Unity, Bank Australia and Bank of Sydney chose to partner with Cuscal to deliver this first Open Banking milestone and look forward to supporting them, and our other clients, unlock data to capture new opportunities for growth created by the CDR.

About Cuscal’s Open Banking services
Cuscal’s product reference data APIs form the foundations of a larger economy-wide Collaborative Data Exchange platform that Cuscal is developing in partnership with clients. The Collaborative Data Exchange will provide clients with a modular and flexible service that takes care of CDR compliance obligations and also unlocks greater data enablement opportunities.

Cuscal’s vision is to offer clients a simplified, modular and scalable technology platform that is extensible and interoperable across industries and partners, providing clients the freedom to:

  • implement their organisational data strategies and ambitions;
  • unlock legacy data stores to ensure greater flexibility regarding the use of existing data;
  • combine existing data with external sources, including cross-industry information, to derive valuable customer insights that support the delivery of personalised customer experiences;
  • build on platform functionality and apply APIs to novel new use cases with minimal capital investment and business disruption; and
  • innovate and partner with third parties of their choice to offer new data enabled experiences to customers.

Media contact
Jo Savill, jsavill@cuscal.com.au

Getting your business ready for Open Banking


Open Banking is coming to Australia. When it arrives it will fundamentally change the way financial institutions manage and control their customer data. This will be the first step toward an ‘open data’ future which will also have ramifications for companies in other industry sectors and the broader Australian economy.

While there is certainty that Open Banking is coming, everything else is less clear. The obligations and corresponding opportunities are complex, evolving rapidly and the business cost of making the wrong decision is high.

To help companies with their Open Banking strategy, Cuscal, KPMG and King & Wood Mallesons jointly published a white paper and held a public webcast to discuss the key issues facing companies implementing Open Banking and looking to participate in an open data economy.

What the webcast covers?

  • What organisations should consider as part of their Open Banking strategy
  • What we can learn from open data regimes overseas
  • Examples of Open Banking innovation which have relevance in Australia
  • How to approach the compliance obligations while taking advantage of the opportunities