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
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 account with us
- are registered for using RACQ internet banking or the Bank app
RACQ Bank is planning to make member data available to share for joint accounts and business accounts in the future. We will inform you when this occurs.
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 (and if you are a sole trader, information about your business)
- 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
Note - Account information must relate to an open account, or an account that has been closed within the last 24 months
You can share data from the following RACQ accounts:
- Transaction accounts
- Savings accounts
- Term deposits
- Home loans
- Overdrafts
- Personal loans
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:
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You consent |
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You choose |
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We share |
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You manage |
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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:
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You access |
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You manage |
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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.
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.
Open banking FAQs
While you're here
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.