Open Banking.

Getting your data, safely and securely, to find the right banking products for you.

What is 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 that apply the CDR after Open Banking.

Open Banking: Everything you need to know.

Is Open Banking safe and secure?

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.

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. 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.

When does Open Banking start?

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

What do I need to do?

Nothing. Beyond Bank 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. 

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