Mastercard becomes accredited data recipient under Consumer Data Right in Australia
The Australian Competition and Consumer Commission (ACCC) today announced that Mastercard Asia Pacific Pte. Ltd. is now an accredited data recipient under the Consumer Data Right. Mastercard is the 39th organisation to be accredited.
Accredited data recipients can use a consumer’s real data, after a rigorous consent process takes place. They can use this data to provide a product comparison, specific service or product, or create new products or services.
The ACCC manages the accreditation process.
- To become accredited, applicants must demonstrate that they:
- are a fit and proper person/organisation to manage Consumer Data Right data
- have taken steps to adequately protect data from misuse, interference, loss, unauthorised access, modification or disclosure
- have internal dispute resolution processes meeting the requirements of the Consumer Data Right Rules (for banking, this means their processes must comply with provisions of the Australian Securities and Investments Commission’s Regulatory Guide 165 Licensing: Internal and external dispute resolution)
- belong to a relevant external dispute resolution scheme
- have adequate insurance to compensate Consumer Data Right consumers for any loss that might occur from a breach of the accredited data recipient’s obligations
- have an Australian address for service.