Open Banking - Part 1 - Getting CDR Ready in Cashbook Platinum
Are you CDR Ready?
Nominated representative setup: Before connecting any new bank
account via CDR, please review the information on CDRReady https://cdrready.com.au/
Under the Consumer Data Right (CDR) Open Banking, some banks
require businesses and other non-individual account holders (e.g., trusts) to
appoint a Nominated Representative before they can share data.
A Nominated Representative (also known as a delegate)
is an individual within an organisation who is authorised to manage and share
CDR data on its behalf. The process for appointing a Nominated Representative
varies by bank - some offer online registration, others provide in-app options,
and some require a paper or digital form submission.
This is an essential step for securely sharing banking data with an
Accredited Data Recipient (ADR) such as SISS Data Services. Once that's
confirmed, you can proceed with connecting the bank feeds smoothly.
Visit this site to ensure you are CDR Ready - https://cdrready.com.au/
Follow the prompts as below
#1 - Am I CDR Ready?
click GET STARTED
#2 - Provide your information
Hit CONTINUE
#3 - Provide your email
Type in your email and hit CONFIRM
# 4 - Verify your email
Go to your email program and look for the email with the subject VERIFY YOUR EMAIL
Verify your email to receive a CODE (example below)
Enter the verification code in the box and click VERIFY
#5 - Consent - give permission to connect with your bank
Click the START button
Click the CONTINUE button
#6 - Request and consent to share your data
Click the I CONSENT button
#7 - Choose your bank and follow the prompts to add your bank accounts
Each bank has its own unique instructions.
FOR EXAMPLE, Regional Australia Bank looks like this:
#8 - Follow your bank's prompts to choose which bank accounts you wish to access via Bank Feeds
#9 - Confirm that you have connected all the relevant accounts you want
to share
Go here for Part 2 of Setting up for Open Banking in Cashbook