What is Open Banking?
In 2019 the Australian Government passed the Consumer Data Right (CDR) legislation. In a nutshell, it will give 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 will give you more control of your banking data and who you choose to share it with.
We are on track to deliver Open Banking to you by July 2021.
Why Open Banking?
Open Banking aims to increase competition between major banks and financial institutions. More competition is good news for you as a consumer. With Open Banking it will be 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 will 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’ll have complete control of how and when you choose to share your banking information - we’ll never share your data unless you authorise it and you can cancel sharing at any time too.
Under the CDR legislation, your data will be 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.
Need more information?
Find more about the Consumer Data Right by visiting their website.