Open banking is about giving you the power to have all of your financial data in one place, even if you do different things with different banks.
The Consumer Data Right is the Australian Government legislation that gives you, as a Bank Australia customer, the right to share your data with accredited data recipient service providers of your choice through open banking. Open banking gives you control of your data. Open banking is about giving you the power to have all of your financial data in one place, even if you do different things with different banks. Before, it used to be tricky to get your full financial data and for banks to send that data to each other and to other companies. This made it tricky for you to find the best product or service and to switch to new products and services. Now, that’s changed with the launch of open banking. Open banking is changing the way you bank – for good! Open banking is all about putting your data back into your hands, empowering you to make better decisions for whatever you need from your bank. If you’re a Bank Australia customer, you and your nominated secondary users or representatives can now share your Bank Australia information online with other banks and third parties who are accredited data recipient services. If you’re a developer you can find details on accessing our Public and Consumer APIs by clicking on the below button:
Here’s a few ways you could use open banking.
Move banks with one click of a button If you’ve been thinking about switching to clean money with Bank Australia, that’s now a whole lot easier! It means you can switch everything, including your spending history, automatic payments and bills in a matter of seconds. Track your spending with a budgeting app Owning your own data means you can do whatever you want with it, including submitting it to a budgeting app. This might help you track your spending and help you save, too.
See all of your banking in one place Now that you own your data, you can see all of your banking in one place. Lots of Australians do their transactions with one bank, savings with another and home loan with a whole other bank. Open banking will mean you can see everything in one place.
Check your options on your savings account, credit card, home loan or car loan
Submit your data to a comparison tool to work out what credit card, home loan or car loan is best for you. Comparing banking products and working out what is best for your financial situation will be easy and quick and applying for each of these products even easier.
If you’re eligible, you can now share some of your customer details, account information and transaction history for the below Bank Australia accounts. This is available for personal accounts, joint accounts and non-personal accounts:
Non-personal accounts: the signatories can appoint nominated representatives to share Open Banking data with Accredited Data Recipients on behalf of the organisation by completing the Open Banking data sharing authority for non-personal accounts. Please return the completed form to Bank Australia for activation.
You can allow access to share your accounts data via an accredited data recipient service you choose to use. To view which services have access to your data, you can see each provider in the Bank Australia app or internet banking. If you want to revoke access to your accounts, you can do this through the Bank Australia app or internet banking, too.
If you have any questions, message us on Facebook or Twitter or give us a call on 132 888.
Yes, Open banking is secure. Open banking is a government initiative and only accredited data recipients can take part in open banking. 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.
Your Open banking data is protected by;
Our Consumer Data Right policy describes what data will be available for you to share, how to share your data and how to make a complaint.
