What is Consumer Data Right?

New laws were introduced in 2019 by the Australian Government to support the creation of an open data economy called the Consumer Data Right. The banking sector is the first to apply Consumer Data Right, which is referred to as Open Banking in this sector. The legislation is designed to increase competition between banks, other financial institutions and accredited third parties.

What is Open Banking?

Share your bank information securely with other trusted organisations

Open Banking gives you, as a member, the option to share your banking information securely online with other accredited organisations you trust, including other banks. Other organisations can use general product information and consumer data to compare bank products for their customers.

Open Banking is the way the banking sector delivers Consumer Data Right.

Open Banking is an opt-in service and is not mandatory. You have full control over who you choose to share your data with and for how long.

This means you own the right to your data, and you can choose to securely share your RACQ data with accredited organisations, empowering you to easily access other financial services that may suit your needs.

Benefits

  • Greater choice, control, and convenience over your personal banking data
  • The ability to share your data securely and by consent with other accredited organisations of your choice, such as product comparison websites and other banks
  • Improves your ability to compare and switch products and services to help you manage your financial wellbeing
  • We do not charge for this service

Who can I share my bank information with?

With your permission, RACQ Bank can share your banking data with accredited data recipients that you choose.

View a list of accredited organisations

Member Eligibility

As a member of RACQ Bank, you are eligible to share your banking data using Open Banking if you:

  • are an individual over 18 years of age
  • have an individual, joint, or non-personal account with us
  • are registered for using RACQ internet banking or the Bank app

Note that to be eligible to share your banking data using Open Banking for non-personal accounts you must have first appointed a Nominated Representative. 

Types of information you can share

You can securely share some of your member details, account information and transaction history including:

  • Name and contact details
  • Account details including the account number and current balance
  • Transaction details up to a maximum of 7 years from the date of the request
  • Current direct debits and scheduled payments
  • Product specific data about the products you hold such as fees, rates, features and benefits

Account Eligibility

To share your data for an account, the account must meet the eligibility criteria below:

  • It must be either an open account, or an account that has been closed within the last 24 months
  • It must be accessible on RACQ internet banking or the Bank app
  • It must be one of the following RACQ accounts
    • Transaction accounts
    • Savings accounts
    • Term deposits
    • Home loans
    • Overdrafts
    • Personal loans

For solely owned accounts, it must be an account in the name of the member.

For joint accounts:

  • All members must be eligible to be able to share data for the account
  • All members are a co-owner of the account
  • Data sharing must be enabled on the account

Please refer to: How do I enable data sharing for my joint accounts?

For non-personal accounts

How to share your RACQ data

Getting started

Open Banking is an opt-in service. You can consent to share or stop sharing at any time, knowing your data is always secure. Follow these easy steps to get started:

You consent
  1. You provide your consent on the website or app of the accredited organisation you choose to share your RACQ Bank data with.
  2. You provide your unique RACQ Bank ID that you use to log into internet banking or the app.
  3. A One Time Password (OTP) will be sent to your registered mobile phone, or email address if no mobile number is registered for your account, to verify your identity. Note: You will never be asked to enter your RACQ Bank internet banking password.
  4. Enter your One Time Password.

You choose
  1. You select what data you want to share and which eligible accounts you want to share it for. The sharing period is set by the accredited data recipient and can be a one-off or ongoing data sharing for up to 12 months.

Please note: if you are attempting to share account data, and one or more of your RACQ joint accounts are not available, this may indicate:

1) any joint account holder(s) or the account(s) do not meet the eligibility criteria, or
2) you, or the other joint account holder(s), have disabled data sharing on the account

For step-by-step instructions on how to enable data sharing for joint accounts, click here

We share
  1. We share your selected data with the data recipient.

You manage
  1. You can review and manage all your consents within RACQ Bank internet banking anytime anywhere – go to Self Service, Manage Data Sharing.

How to manage or stop sharing your RACQ data

Manage your consents

You can view consent details or stop sharing your data anytime, anywhere. Follow these easy steps to stay in control:

You access
  1. Log into RACQ Bank internet banking using your RACQ Bank ID and password.
  2. Select the Self-Service option in the menu.
  3. Select Manage Data Sharing from the drop-down list.
  4. You will be re-directed to a page where you can launch your personal consumer dashboard
  5. A One Time Password (OTP) will be sent to your registered mobile phone, or email address if no mobile number is registered for your account, to verify your identity.
  6. Enter your One Time Password.

You manage
  1. You will be taken to your personal consumer dashboard which provides information about how to manage your consents. Follow the prompts to:
  • View your active consent details
  • Stop sharing your consents
  • Stop sharing data for a joint account, where you did not create the consent
    Note: All your account co-owners will be notified if you stop sharing data for a joint account.
  • View historical/in-active consents
  • View and manage your joint account data sharing permissions
  • View notifications

How do I know the current data sharing permission for my joint accounts?

The data sharing permission is unique to each joint account. If you have multiple joint accounts, you will need to check the permission for each joint account.

Joint accounts are typically set to enabled unless one of the account owners has disabled it.

Check the current data sharing permission for your joint accounts

You access
  1. Log into RACQ Bank internet banking using your RACQ Bank ID and password.
  2. Select the Self-Service option in the menu.
  3. Select Manage Data Sharing from the drop-down list.
  4. You will be re-directed to a page where you can launch your personal consumer dashboard
  5. A One Time Password (OTP) will be sent to your registered mobile phone, or email address if no mobile number is registered for your account, to verify your identity.
  6. Enter your One Time Password.
You manage

You will be taken to your personal consumer dashboard, where you can view and manage your Joint Accounts permissions.

  1. Select ‘Accounts Management’.
  1. Your joint account(s) will be listed, and the data sharing permission will be displayed as:
    “Data Sharing: Enabled”; or
    “Data Sharing: Disabled”

How do I disable data sharing for my joint accounts?

Joint account permissions are typically data sharing enabled. If you would like to disable data sharing on your joint account, follow the below steps.

Disable data sharing for your joint accounts

You access

If you haven’t already done so, you will need to log into RACQ Bank internet banking:

  1. Log into RACQ Bank internet banking using your RACQ Bank ID and password.
  2. Select the Self-Service option in the menu.
  3. Select Manage Data Sharing from the drop-down list.
  4. You will be re-directed to a page where you can launch your personal consumer dashboard
  5. A One Time Password (OTP) will be sent to your registered mobile phone, or email address if no mobile number is registered for your account, to verify your identity.
  6. Enter your One Time Password.
You manage

You will be taken to your personal consumer dashboard, where you can view and manage your Joint Accounts permissions.

  1. Select ‘Accounts Management’.
  1. Select the joint account you would like to change the data sharing permission.
  1. Select the ‘Disable data Sharing’ button
  1. Read the message and select ‘Confirm’ if you wish to proceed.
    Important: All your account co-owners will be notified if you disable data sharing. If you do not want to do this, do not continue.
  1. A pop up will confirm that you have disabled data sharing for the account Select “Close” to finish and you will be redirected to the Accounts Management page.
  1. Your joint account permission setting will now be displayed as ‘Data Sharing for this account is disabled’

Note: If you disable data sharing permissions on a joint account while actively sharing data, you will pause data sharing for that account. You can resume data sharing by enabling joint account permissions again.

We recommend that you also notify your account co-owners if you disable data sharing for your joint account.

How do I enable data sharing for my joint accounts?

If data sharing on your joint account has been disabled, you can turn it back on again, however this must be approved by all other account owners on the joint account. Follow the steps below to request for data sharing be enabled:

Request to Enable data sharing on your joint accounts

You access
  1. Log into RACQ Bank internet banking using your RACQ Bank ID and password.
  2. Select the Self-Service option in the menu.
  3. Select Manage Data Sharing from the drop-down list.
  4. You will be re-directed to a page where you can launch your personal consumer dashboard
  5. A One Time Password (OTP) will be sent to your registered mobile phone, or email address if no mobile number is registered for your account, to verify your identity.
  6. Enter your One Time Password.
You manage

You will be taken to your personal consumer dashboard, where you can view and manage your Joint Accounts permissions.

  1. Select ‘Accounts Management’.
  1. Select the joint account you would like to change the data sharing permission.
  1. Select the ‘Enable data Sharing’ button
  1. Read the message and select ‘Confirm’ if you wish to proceed.
  1. A pop up will confirm that your request has been sent to your other account holders to agree to change the data sharing permission

Note: Your joint account data sharing permission will remain disabled until all co-owners approve your request. Therefore, we recommend that you also notify your account co-owners if you have requested to enable data sharing for your joint account.

Important:

All account holders must follow the steps below and select 'Approve Data Sharing' within 1 month of the request being created, or the request will expire.

  • If a request expires or is rejected, the joint account permission 'Data Sharing: Disabled' remains,
  • All account owners are notified of the outcome of the request,
  • Once all account holders have approved the request, data sharing will be enabled on the account,
  • Any joint account holder with a data sharing enabled account can create a data sharing arrangement from the website or app of the accredited organisation,
  • Data sharing enabled joint account(s) will be displayed under ‘Eligible accounts’ on the account selection screen when you are consenting to share data.

Approving or Rejecting a Request to Enable data sharing on your joint accounts

You access
  1. Log into RACQ Bank internet banking using your RACQ Bank ID and password.
  2. Select the Self-Service option in the menu.
  3. Select Manage Data Sharing from the drop-down list.
  4. You will be re-directed to a page where you can launch your personal consumer dashboard
  5. A One Time Password (OTP) will be sent to your registered mobile phone, or email address if no mobile number is registered for your account, to verify your identity.
  6. Enter your One Time Password.
You manage

You will be taken to your personal consumer dashboard, where you can view and manage your Joint Accounts permissions.

  1. Select ‘Accounts Management’.
    The account which requires your permission will display a message “Data Sharing: Pending Confirmation”
  1. Select the joint account you would like to approve or reject the request to change the data sharing permission.
  1. If you want to approve to enable data sharing, select the ‘Approve Data Sharing’ button
  1. If you do not want to approve to enable data sharing, select the ‘Reject Data Sharing’ button
  1. Read the message and select ‘Confirm’ if you wish to proceed.
    Important: All your account co-owners will be notified of your decision.

Note: Your joint account data sharing permission will remain disabled until all co-owners approve the request or if the request has been rejected by any of the co-owners.

How do I enable data sharing for my non-personal/business accounts?

You appoint
  1. Complete the ‘Nominated Representatives’ form, sign and return to us. You can obtain a copy of the form here: Forms and documents | RACQ
  2. Receive confirmation from us that the relevant Nominated Representatives have been appointed.
You access
  1. Log into RACQ Bank internet banking using your personal Bank ID and password.
  2. Select the Self-Service option in the menu.
  3. Select Manage Data Sharing from the drop-down list.
  4. You will be re-directed to a page where you can launch your personal consumer dashboard
  5. A One Time Password (OTP) will be sent to your registered mobile phone, or email address if no mobile number is registered for your account, to verify your identity.
  6. Enter your One Time Password.
You manage

You will be taken to your personal consumer dashboard, where you can view and manage all your personal and non-personal consents.

If you wish to revoke the appointment of a Nominated Representative, you must first complete the ‘Nominated Representatives’ form, sign and return to us. You can obtain a copy of the form here: Forms and documents | RACQ.

Open Banking Notifications for Joint Accounts

All your notifications for Open Banking will be provided to you by your Consumer Dashboard only. We will issue a notification to advise account owners if any of the following has occurred for your joint account, what you need to be aware of and if required, any action required by you:

  • If the data sharing permissions have been changed or requested to be changed by any of your joint account co-owners
  • If a data sharing arrangement has commenced with an accredited data recipient
  • If an existing data sharing arrangement has expired or has been amended or stopped by one of your joint account co-owners.

Important: You should check your Consumer Dashboard regularly for Open Banking notifications. You can also decide if you wish to receive notifications or not.

Viewing your Open Banking Notifications:

You access 
  1. Log into RACQ Bank internet banking using your RACQ Bank ID and password.
  2. Select the Self-Service option in the menu.
  3. Select Manage Data Sharing from the drop-down list.
  4. You will be re-directed to a page where you can launch your personal consumer dashboard
  5. A One Time Password (OTP) will be sent to your registered mobile phone, or email address if no mobile number is registered for your account, to verify your identity.
  6. Enter your One Time Password.
You manage

You will be taken to your personal consumer dashboard, where you can view your Joint Account notifications.

  1. Select the envelope at the top right of the page. You will see a list of all notifications you have received.
  1. Click on the message you would like to read

Managing your Open Banking Notification preferences:

Notifications preferences are typically enabled so you will receive notifications. However, you can choose if you want to receive notifications for your joint accounts for data sharing.

You access
  1. Log into RACQ Bank internet banking using your RACQ Bank ID and password.
  2. Select the Self-Service option in the menu.
  3. Select Manage Data Sharing from the drop-down list.
  4. You will be re-directed to a page where you can launch your personal consumer dashboard
  5. A One Time Password (OTP) will be sent to your registered mobile phone, or email address if no mobile number is registered for your account, to verify your identity.
  6. Enter your One Time Password.
You manage

You will be taken to your personal consumer dashboard, where you can manage your Joint Account notification preferences.

  1. Select ‘Notification Management’. A screen will display information about why and when you may be sent notifications.
  1. Select the notification option you would like:
    “I want to receive notifications”, or
    “I don’t want to receive notifications”
  1. Select "Update" to confirm the change to your preference A message will display to confirm your notification preferences have been changed.

Note: If you select not to receive notifications, we will still send you a notification if your approval is required to change the data sharing permission for your account.

If you need assistance, contact us.

Is Open Banking secure?

Yes. RACQ Bank is committed to ensuring your data is always safe and secure.

Strict accreditation

Before a third-party can receive your data, they will need to be accredited by the Australian Consumer and Competition Commission (ACCC). This ensures all accredited organisations comply with strict security and privacy standards, so your data remains safe. RACQ is a data holder.

You will have the ability to opt-in for sharing your RACQ Bank data with trusted accredited third parties. If you choose to opt-in, you will have the ability to manage what data you share and stop sharing your data at any time.

One-Time Password

If you choose to share your data with Open Banking, or access your consumer dashboard, you will be sent a One Time Password to your registered mobile phone, or email address if no mobile number is registered for your account, to verify your identity.

Sending your data securely

In accordance with the Open Banking standards managed by the Australian Competition and Consumer Commission (ACCC), your data will be shared via an Application Programming Interface (API) which is a secure connection that allows data to be transferred with third parties.

Security

We use a range of security measures to assist in protecting your personal banking information. These measures include data encryption and firewalls which together helps to provide some of the best security available to keep you safe online.

For more information on how we are protecting your information visit our Bank Security FAQs 

Privacy

The protection of your privacy and the confidentiality of your personal information is important to us. We are committed to respecting your privacy, as such RACQ Bank is bound by the Australian Privacy Principles and Consumer Data Right Laws.

View our Privacy Policy

Consumer Data Right policy

Our policy states what data is available for you to share, how to share your data and provide your consent, how we will manage corrections to your RACQ Bank Open Banking data and how to make a complaint.

View our Consumer Data Right policy

Product API access for third parties and developers

Our product APIs enable third parties to retrieve information about current RACQ Bank products. If you are a developer, you can access data about RACQ Bank’s current products in the market.

View our Product APIs

Open banking FAQs

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Things to note

Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.

Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

RACQ Bank subscribes to the Customer Owned Banking Code of Practice which establishes higher standards than the law requires. The Code reflects modern consumer expectations and developments in approaches to issues such as consumer vulnerability, guarantors, and supporting customers through financial hardship. Please read our Customer Owned Banking Code of Practice page for more information.