What is Open Banking
In 2019 the Australian Government passed the Consumer Data Right (CDR) legislation. In a nutshell, it gives you, the consumer, more access and control when it comes to the data that’s linked to the products and services you have with us, including your personal banking data. This is referred to as “Open Banking”.
Open Banking gives you more control of your banking data and who you choose to share it with.
Why Open Banking?
Open Banking aims to increase competition between banks and financial institutions. More competition is good news for you as a consumer. With Open Banking it makes it much easier for you to compare banking products and services across the market to find the best price or product for your needs.
The bottom line? You have more control of who you share your data with, safely and securely, in a way that works for you.
How does Open Banking work?
With Open Banking you’ll have the power to share specific types of banking data with accredited third parties, like other banks and financial institutions.
To begin with, you’ll be able to share account data, including account details, transactions and any fees you might be paying. At your request, third parties will then be able to use this information to compare products and prices for you.
Is Open Banking safe to use?
Your safety and security is our number one priority and Open Banking is no exception. With Open Banking you have complete control of how and when you choose to share your banking information – we never share your data unless you authorise it and you can cancel sharing at any time too.
Under the CDR legislation, your data is protected by new privacy safeguards. These safeguards put you in control and strictly limit how your data is used by Open Banking participants, such as other banks and financial institutions.
All Open Banking participants are required to be accredited by the Australian Competition and Consumer Commission (ACCC) and the Australian Information Commissioner (OAIC) and must comply with strict privacy and security standards.
Our Consumer Data Right Policy
Our Consumer Data Right Policy describes what data will be available for you to share, how to share your data, and how to make a complaint. Download our Consumer Data Right Policy.
Learn more about the Consumer Data Right by visiting the CDR website.
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What is data sharing?
Data Sharing allows you to select data from your nominated accounts and share with an Accredited Data Recipient in order to use the services they offer.
An Accredited Data Recipient will provide a consent Request service that allows you to securely connect to the Bank to authorise us to share your data with that Data Recipient.
Only data you authorise us to share will be available to your Accredited Data Recipient and will only be shared for the period you consent to.
The Accredited Data Recipient has policies and procedures in place as to how your data is used and what happens to that data when you stop sharing that data.
You may exit from the consent process at any time prior to approval and you will be returned to your Accredited Data Recipient's internet site.
You can also stop sharing at any time.
Categories of data sharing
The data you can share can be categorised in to:
- Name, Occupation, Contact Details.
- Account balance and details
- Transaction details
- Direct Debits and Schedule Payments
- Saved Payees
During the journey of giving consent to sharing you will initially choose which categories of data you wish to share with the Accredited Data Recipient, and these selections will then be confirmed once you confirm consent. You can then later review the categories of data you are sharing, including a more detailed breakdown of what is included in those categories, within the Consumer Dashboard in Internet Banking.
What happens to my data?
Once you have authorised us to share your data we will share the selected data with your Data Recipient on the agreed frequencies.
Your Accredited Data Recipient will use the data to provide the services or products that you have consented to.
Your data may either be deleted or de-identified by the Accredited Data Recipient when it is no longer required.
Your Accredited Data Recipient has specific policies in place for how they handle your data once it's no longer required.
Accredited Data Recipient
Accredited Data Recipients will only be able to access your data if you provide your consent. In consenting to share data you will be able to authorise the data you want to share with your selected Accredited Data Recipient. You can also stop sharing at any time via the Consumer Dashboard provided by the Accredited Data Recipient, our Consumer Dashboard in Internet Banking or in writing to us.
Why can’t I share accounts?
As of 1 November 2021 some Joint Accounts, Business related accounts, closed accounts or blocked accounts may not be eligible for Consumer Data Sharing. Joint Account sharing is limited by the number of Joint Account Holders while Account Holder age limits are also applied when determining if an account is available to share.
We provide you with a Consumer Dashboard where you are able to review all your Data Sharing arrangements. You can also request us to stop sharing your data. This dashboard is available from within Internet Banking.
You may stop sharing your data at any time via our Consumer Dashboard in Internet Banking or in writing to us. You may also stop sharing by notifying your Data Recipient.
If you stop sharing your data the services being provided by the Accredited Data Recipient as a result of this sharing arrangement may be impacted. You should discuss with your Data Recipient before you stop sharing data to understand the consequences.
Managing an Accounts Sharing Status
Open Banking Consent Management allows you to change the status of accounts previously selected during authorisation.
Changing approval status of eligible accounts can be performed in the Accounts Shared section of an active sharing arrangement on our Consumer Dashboard in Internet Banking.
This will allow you to withdraw sharing approval for an existing account, or reinstate sharing of a withdrawn account at a later time.
These changes will only applied to the sharing arrangement being maintained.
Only accounts that are currently eligible for data sharing allow sharing will allow sharing to be withdrawn or reinstated. You should consider the impact of withdrawing account sharing approval on the services being provided by your Accredited Data Recipient before updating the status of any account.