Open Banking

Open Banking is a new system that makes it easier for consumers to share their banking and financial data with organisations accredited by the Australian Competition and Consumer Commission. It’s part of the Consumer Data Right (CDR) which is designed to give consumers greater access and control over their personal banking information across the industry.

A data holder is an accredited CDR business that holds consumer data and must transfer the data to an accredited data recipient at the consumer’s request. To view a copy of our Data Holder Policy, you can visit our Open Banking information page here.

Simply put, if you have consented to share your data under the CDR, when an accredited data recipient requests your details to help you compare, switch or manage products or services, we will securely pass that information to them.

It’s important to note that your data will only be used if you give consent for it to be. It is your choice whether or not you want to give a business access to your data and you can withdraw that consent at any time. You can also ask for data to be deleted if it is no longer needed.

Rest assured, the process is very secure, and those businesses who are involved have been through an accreditation process with the Australian Competition and Consumer Commission (ACCC) to ensure that they adhere to high standards.