Credit reporting and data analytics company Equifax has teamed up with a local data aggregator, Basiq, to develop an Open Data service.Basiq, whose shareholders include Westpac's and NAB's venture capital arms, has developed a platform for the aggregation of bank transaction data.Equifax executive general manager customer and solutions, Moses Samaha, says Basiq's data set will complement Equifax's own data services, allowing Equifax customers to collect customer transaction data "in real time" and gain access to "more granular" income and expense information.The government's Consumer Data Right Bill, which has not yet been passed, is designed to give consumers and businesses access to transaction information held by various service providers. It authorises accredited third parties and "gateways" to provide access to the data. CDR as it relates to banking is referred to as open banking. CDR should reduce the barriers that prevent consumers from shifting between service providers. Consumers will be able to direct that their data be shared with other providers.The system will be regulated by the Office and the Australian Information Commissioner and the Australian Competition and Consumer Commission. A data standards body will be established to help develop formatting and data processing standards for the provision of data to consumers and accredited third parties.With the system still in development, there is some uncertainty about how it will work. But Samaha says the industry expects it to follow the UK model, where open banking has been introduced."In the short term, better access to data will help financial institutions deal with changes to responsible lending," he says."In the longer term we see it having value in areas such as managing data security, automation of banking processes and product development."