Open Banking

Common questions for Open Banking.

The Australian Government passed the Consumer Data Right (CDR) in 2018, giving customers greater access to, and control of, the data associated with the products and services they use.

Open Banking is the first phase of the CDR, which 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 sector.

Energy and telecommunications sectors will apply the CDR after Open Banking.

As a Beyond Bank customer, you can share your data dating back to 1 January 2017.

For our Nexus Mutual Customers, at this time you can only share your data back to 1 January 2019. Transactions and accounts information back to 2017 are being investigated.

You can stop sharing your data at any time following these simple steps.

  1. Login to Internet Banking using your Beyond Bank member number and password.
    Please note: you are unable to stop sharing in the Mobile App. This must be completed via Internet Banking.
  2. From the main menu, click on Services, then Sharing. You will then be taken to a list of your Open Banking sharing arrangements.
  3. Select the organisation that you would like to stop sharing data with.
  4. Scroll to the bottom of the page and click Stop sharing.
  5. Confirm the details are correct and click Stop sharing again.

If you get stuck and need help, please call us on 13 25 85 and we can assist you.

Safety and security of your data and your money is our primary concern. Open Banking gives you complete control of how you want to choose to share your information.

Data will only be shared with accredited third parties once you have authorised it. After you’ve authorised a third party to access your data, you can revoke that access at any time and ask for your data to be deleted.

Any party sending or receiving data under Open Banking must meet particular obligations by the Australian Competition and Consumer Commission (ACCC) and the Australian Information Commissioner (OAIC), both of which have strict accreditation criteria when it comes to privacy and accessing and storing data. 

Don’t need to be accredited to send data (data holder) but do have to meet CDR obligations.

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. You’ll never need to give your internet banking login details to third parties should you wish to share customer, account or transactional data with them.

Open Banking aims to increase competition in the financial services sector, making it easy for you to compare and switch between products and services offered by accredited third parties.

Non-major banks, building societies and credit unions – like Beyond Bank – are required to share product reference data by 1 October 2020. The major banks have been sharing product reference data since July 2019.

Where a customer has requested it, major banks will be required to share data to accredited data recipients from 1 July 2020. This includes:

  • Customer data
  • Account data
  • Transaction data
  • Product Specific data

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Beyond Bank Australia Ltd ABN 15 087 651 143 AFSL/Australian Credit License 237 856 ('Beyond Bank') arranges travel insurance as agent of AWP Australia Pty Ltd ABN 52 097 227 177 AFSL No. 24563.

All other general insurance is arranged as agent of Allianz Australia Insurance Limited ABN 15 000 122 850 AFS Licence No 234708 (Allianz).

Neither we nor any of our related companies guarantee the benefits payable under the policies or the repayment of any premium. PremierCare® is a registered trade mark of Beyond Bank Australia.

When we arrange insurance, we may receive a commission from the insurer. The commission is calculated as a percentage of the premium you pay, not including any taxes or other government charges. The amount of commission varies depending on the type of insurance and will be in the range of 0% to 30%. Commission is only payable on premium actually paid. We may also receive a profit share payment based on the profitability of eligible products in our insurance portfolio. Ask us for more details before we provide you with the services.

Any advice here does not take into account your objectives, financial situation or needs, which you should consider before acting on any of our recommendations. All information regarding the benefits, features or extent of cover provided by any of the policies is provided as a summary only. You should refer to the relevant Product Disclosure Statement (“PDS”) for the full policy terms, conditions, exclusions and limitations. The PDS can be reviewed from this website or you can call us on 13 25 85 and request a copy. If you obtain or purchase insurance through our website you also agree to have received our Financial Services Guide (FSG) which is available from this website. 

Beyond Bank Australia Ltd ABN 15 087 651 143 AFSL/ Australian Credit Licence 237856 is an agent for Allianz Australia Insurance Limited (ABN 15 000 122 850) of Level 12, 2 Market Street, Sydney, NSW, 2000, telephone number 132 664.

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