Regional Australia Bank has sold its consumer data right information and governance service myCDRdata to payments solutions company, Cuscal.
The sale of myCDRdata website, including both software assets ‘myCDRdata’ and ‘myCDRdata Pro’ for consumers and enterprise, was made official on Thursday.
The consumer-oriented website offers to "connect [with consumer data right-ready banks] and collect your data with your consent. We'll then make it available as a PDF for you to download."
According to Regional Australia Bank so far consumers have used the service to access all 114 bank brands in the CDR ecosystem, with its myCDRdataPro subscriptions supporting 43 brands.
Cuscal is buying the service and associated software to uplift its consumer data right capabilities.
It will shortly begin migrating the service onto its own systems, with the acquisition is expected to be finalised by mid-2023 and Regional Australia Bank continuing to provide ongoing support.
Regional Australia Bank CEO David Heine said the bank is “proud” to have founded the myCDRdata product.
“This product is a representation of the hard work and dedication Regional Australia Bank continues to demonstrate towards future-driven banking," Heine said.
“We are excited to pass the baton to Cuscal, and assure our myCDRdata customers they are in good hands.”
Cuscal CEO and managing director Craig Kennedy said he is “excited by the opportunity” to acquire myCDRdata “which will position us well to accelerate our relevance and maturity in open banking and the consumer data right."
“We believe the convergence of data, digital identity and payments is a key growth opportunity for Cuscal, and the acquisition of myCDRdata will accelerate this strategic focus.”
