Australia's Data61 division of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) has released a working draft of the standards that will soon drive the requirements of Australia's consumer data right (CDR). Although legislation has not yet enacted CDR in Australia, Data61 ha been working on the underlying standards, and companies should have a good indication of what is expected when the legislation takes effect. A key element of the CDR is the availability of machine-readable data for consumer's to better understand how companies under the CDR operate services.
The Australia government announced a CDR about a year ago. The goal is to increase competition, and better enable consumers to compare and choose between various products and services. As mentioned, no legislation has forced CDR into operational effect yet, but the government has announced that it will apply CDR through an open banking standard first. The energy and telecommunications sectors will be the next in line to come under the realm of CDR.
Data61 has posted its working draft of the open banking CDR standards on GitHub. Core principles of the standards include secure APIs, open standards, good developer experience, and good customer experience. Technical principles require that APIs be RESTful, simple, feature rich, high performance, consistently created and defined, version controlled, backwards compatible, and extensible. For more details, visit the current standard: v0.1.0.
The purpose of the early standard is to facilitate the technical requirements and principles that will lead to the creation of version 1. Data61 has included a draft Banking API which includes typical open banking features like account details, transactions, products, and more. The Data61 team is accepting feedback on the draft through November 23, 2018.