What is open banking?

Open banking gives you the ability to share your banking data with third parties that have been accredited by the ACCC. This will allow you to get better-suited banking products and switch products or banks more easily.

It was introduced after the Australian Government passed legislation, called the Consumer Data Right (CDR). It means you can consent to share your external data with us as accredited by the Australian Competition and Consumer Commission.

The CDR has been designed to give consumers a secure way to control which businesses have access to their data, including financial information. It allows people to consent to give access to their information to accredited entities including Accredited Data Recipients (ADRs) so we can offer products and services tailored to people’s needs.

CDR is an opt-in system. For example, your clients can choose to give us access to their data and they can withdraw their consent at any time. They control what data is transferred to us and how we can use it. They can also ask us to delete their data at any time.

CDR is co-regulated by the Australian Competition and Consumer Commission (ACCC) and the Office of the Australian Information Commissioner (OAIC)

The ACCC and the OAIC make sure consumer rights and protections, including requirements around consent and privacy, are enforced. More information on the role of each regulator can be found on the government's: https://www.cdr.gov.au/about

The majority of user issues reported to us, as a Data Recipient, result from an issue with the Data Holder (banking providers) Open Banking solution. We can only assist users in contacting their data provider to resolve the issue directly for them with information.

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