At Lumiant we want to empower people to use their money to use in a way so people can live their best lives. That shouldn't be dictated by your bank or what financial products you buy.
To do that we've harnessed the power of your Consumer Data Right giving you choice, control and convenience on understanding your whole of wealth. Consumer Data Right has been introduced by the Australian Government. It provides many benefits for Australians and the economy.
It is an opt-in service, giving you the choice about whether to share your data.
The Consumer Data Right system is regulated by:
- the Australian Competition and Consumer Commission (ACCC)
- the Office of the Australian Information Commissioner (OAIC)
- the Data Standards Body (DSB).
We've integrated with Yodlee (It has a CDR Policy) to allow you to connect your bank accounts to your Dashboard so you can see all your funds in the same place. This means you can conveniently see where you are at any time, allowing you to easily get the information you need, helping you making the right decisions to get to where you want to be in the future.
The data transfer is done between the providers, but the Australian Government has designed and oversees the system to ensure it is safe and secure for consumers. Providers must go through a rigorous process to become accredited to provide Consumer Data Right services to you.
Connecting your data 🔌 - You're in control
|The whole process takes less than two minutes. Then, the underlying technology does all the work for you. The data transfer is done between the providers, but the Australian Government oversees the overarching framework.|
Yodlee - Tell me more
Yodlee is an online banking solution provider that uses your online banking username and password details to retrieve bank transactions on your behalf.
Yodlee is the leading data aggregation and data analytics platform. It proudly powers dynamic, cloud-based innovation for digital financial services and have fueled innovation for financial institutions and FinTech for over 19 years. Their platform ultimately enables financial services to help their consumers get better lending rates, lower fees, higher returns, and more. Yodlee aggregate accounts for tens of millions of consumers worldwide.
Check out Yodlee's Data Promise for more detail.
Source: Consumer Data Right (https://www.cdr.gov.au/) accessed 14 September 2021