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Is Open Banking secure and safe to use?

Yes. 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).