How Joint Accounts Behave | Consumer Data Right in Australia

This article describes fundamentals and use cases around how data is being shared of a Joint Account.

Joint Account

Joint accounts are currently defined in the CDR Rules as an account with a data holder for which there are 2 joint account holders, each of which is an individual who, so far as the data holder is aware, is acting in their own capacity and not on behalf of another person.

Consent Election

In order to proceed with data sharing there should be a prior agreement between two account holders to allow each individual to share data. Each individual account holder need to elect to allow other joint account holder to share the data on their join account independantly. This is called “consent election”. Model is shown below.

Figure 1.0 : Consent election stage

following decision table applies to understand whether data can be shared on a joint account. Both account holder need to specifically elect the consent or not elect.

Figure 2.0 : The decision table of consent election

Consent election can be captured electronically or on paper application. For existing account we need to send an email or mail by post to volunteer them to elect consent. A sample page on the internet banking is shown below.

Internet banking self care portals need to show their consent election status. When consent is elected there will be an email notification to the account holders.

Consent Flow — Account Selection

When consent election is not successful the account selection window will list joint accounts disabled as shown below.