Frequently asked questionsView all Open Banking FAQs
Open Banking, also known as Consumer Data Right (CDR) is an opt-in service which gives you greater access and control over your data.
The current stage of Open Banking allows you to authorise your credit union or bank to share your data with other accredited organisations, making it easier to compare and switch products and services or access new and improved services.
Learn more about Open Banking, and how it will benefit you.
The technology behind the data transfer process uses something called application programming interfaces (APIs). This means when data is transferred to an accredited organisation it’s all done electronically and automatically. The format and process for sharing Consumer Data Right (CDR) data has been set up by the Data Standards Body (DSB).
Open Banking is a government initiative and only accredited organisations can take part. Financial institutions and other companies that participate in Open Banking will need to adhere to strict security standards when accessing and storing your data and will be subject to the Privacy Act. And accredited organisations will only be able to access data at your request.
Open Banking is also regulated by the Australian Competition and Consumer Commission (ACCC), the Office of the Australian Information Commissioner (OAIC), the Treasury and the Data Standards Body (DSB).
No - the decision to share data is yours.
From 1 July 2021, you’ll be able to choose to share your data with other accredited organisations. For example, if you’re taking out a product or service with another bank or credit union you can request for us to share your data with them if they’re an accredited data recipient.
Check out our ‘how to’ guide to learn more about Open Banking.