Do you ever feel like you’re swimming in data and don’t know where to start? This is a common problem for businesses, but there is a solution: data holder solutions. Data holder solutions are designed to help businesses manage the complexities of the Consumer Data Right (CDR) and keep their data organised.
In this blog post, we will discuss what data holder services are and how they can benefit your business!
What is regulated payments data?
Under the CDR, businesses are required to provide consumers with access to their regulated payments data. This data includes information about payments made by the consumer, as well as any associated merchant information.
Businesses must take reasonable steps to ensure that this data is accurate, up-to-date and complete. They must also provide consumers with a way to easily access and download their data in a usable format.
What is a data holder solution?
A data holder solution is a platform that helps businesses comply with the CDR. It provides a secure and efficient way for businesses to store, organise and share regulated payments data with consumers.
Data holder solutions can also help businesses meet their obligations under the CDR by providing features such as data quality checks, data enrichment and customer support.
How can a data holder solution benefit your business?
There are many benefits of using a data holder solution for your business. Here are just a few of them you must know:
- Reduced compliance costs – A data holder solution can help businesses save time and money on compliance by automating CDR-related tasks.
- Improved customer experience – Data holder solutions can help businesses provide a better customer experience by giving customers easy access to their data.
- Enhanced data security – Data holder solutions offer businesses a secure way to store and share regulated payments data. This can help businesses avoid fines for non-compliance with the CDR.
If you’re looking for a way to simplify the CDR compliance process, a data holder solution could be the answer. Right now, you’re probably wondering how to find the right data holder services for your needs. Here are a few guidelines to follow:
- Make sure the data holder solution is CDR compliant. The data holder solution you choose should be able to help you comply with the CDR.
- Choose a solution that offers features that meet your needs. Keep in mind that not all data holder solutions are created equal. Make sure the solution you choose offers the features you need, such as data quality checks, data enrichment as well as customer support.
- Consider the price. Data holder services from different providers can vary in price, so it’s important to choose one that makes the most sense for your budget.
Navigating the CDR can be daunting, but a data holder solution can help take the complexity out of compliance. If you’re ready to take your business to the next level, contact a data holder services provider today for more information.