Control your data
Data sharing will only be possible with organisations that have been accredited by the Australian Competition and Consumer Commission (ACCC), and your information can only be used for purposes you consent to.
Prior to requesting your consent, Consumer Data Right (CDR) providers will provide the following information on their website or app, explaining:
- What data you will be sharing
- How the data will be used
- How long they will have access to your data
- How to manage and withdraw consent
Find out who is accredited by visiting the CDR website.
Securely share your data
Open Banking is a safe and secure way to share data without all the pesky paperwork.
Any organisation sending or receiving data under the CDR must meet obligations set by the ACCC and the Office of the Australian Information Commissioner (OAIC). Both have strict accreditation criteria when it comes to privacy and accessing and storing data.
New privacy safeguards have also been established by the CDR legislation. Credit unions, banks and accredited organisations failing to adhere to these rules face substantial penalties.
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.
Open Banking aims to give you greater visibility and control over your banking data, greater ease of comparison between products and services in terms of both price and quality, and the ability to switch between providers more quickly and easily – all without pesky paperwork.
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).
Open Banking is an opt-in service, which means you choose whether to use it or not.
If you choose for us to share your data with another organisation using Open Banking, you will need to have Internet Banking access. If you don’t have Internet Banking, we can help – simply call us on (08) 8202 7777.
Under the CDR legislation, we will not charge you to share your data with an accredited third party, and we won’t charge accredited third parties to access your data either.