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.
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.
When does Open Banking start?
FSCU are required to share product reference data by 1 October 2020.
What do I need to do?
You won't need to do a thing! FSCU will commence sharing the first phase of customer data from the mandated date of 1 July 2021. From 1 July 2021, you’ll be able to authorise an accredited third party to access data about your accounts with us if you wish.
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.