Open Banking is the first phase of the Consumer Data Right (CDR), which the Australian Government passed in 2018. It gives customers better access and control of the data associated with the products they use.
Open Banking will allow for consumers and businesses to consent to transfer data held about the products and services they use to third parties – allowing greater competition in the banking industry.
Data you can share
- Your personal details – Name occupation and contact details.
- Account information – eligible account names, types and balances.
- Transaction details – Incoming & outgoing transactions, amounts, dates and descriptions.
How to share your data
- Give consent to share – give your consent to the accredited third party you want to share your data with.
- Login to FSCU Internet Banking – you’ll be redirected to secure Internet Banking, log in using our member number and one-time passcode (which you obtain yourself via Internet Banking).
- Review sharing details – take a look at the data you’ll be sharing to make sure you are happy to proceed to the next step.
- Select accounts – choose the accounts you wish to share and approve to complete the process.
- Start sharing – Once finished, your data will be sent to the accredited third party provider.
Is Open Banking safe and secure?
Our first priority is the safety and security of your data and money. When it comes to Open Banking it’s left to you of how you want to choose to share your information. Data will only be shared with accredited third parties once you have authorised it. However, you can remove that access at any time and ask for your data to be deleted. Any party sending or receiving data under Open Banking must meet obligations by the Australian Competition and Consumer Commission (ACCC) and the Australian Information Commissioner (OAIC). Both have strict accreditation criteria when it comes to privacy of accessing and storing data.
How does Open Banking benefit me?
It’s a safe and secure way to get all the data you need to make an informed decision about the right banking products for you. Open Banking aims to increase competition in the banking industry, making it easy for you to compare and switch between products and services offered by accredited third parties.
How far back can I share my data?
You can share your data dating back to 1 January 2017.
How to stop sharing
You can stop sharing your data at any time. Simply log in to your Internet Banking, head to the ‘Services’ tab and then select ‘Sharing’ from the drop down box. Select the organisation that you would like to stop sharing data with, scroll down and select ‘Stop Sharing’.
Can I share data from my joint account?
You will not be able to share data from a joint account to start with, but this will become available in early 2022.
Where can I find out more?
Check out the Australian Competition and Consumer Commission’s website for more about Open Banking the Consumer Data Right.