What is Open Banking?
Open Banking gives you, as a member, the option to share your banking information online with other accredited parties you trust, including other banks. Other companies can use general product information to compare bank products for their customers.
What is the Consumer Data Right?
In 2019 the Australian Government passed new legislation to support the creation of an open data system called the Consumer Data Right. This legislation gives Australian consumers greater access and control over their personal data held by institutions across multiple sectors. In the financial sector, this will be referred to as Open Banking. Data will be shared via an Application Programming Interface (API) - a secure platform that allows data to be transferred with third parties.
Open Banking gives you, as a member, the ability to share your banking information online with other accredited parties you trust, including other banks. Other companies can use general product information to compare bank products for their customers.
How can I share my consumer data?
We are currently working through our Consumer Data solution in accordance with the Open Banking standards. Please get in touch to discuss how we can help you with the information you require.
When does Open Banking Launch?
The “Big Four” banks began sharing product information on 1 July 2019 and will provide the option for their customers to share their customer data from 1 July 2020.
As a mutual bank, RACQ Bank has different timelines to the Big Four banks. RACQ Bank commenced sharing its product information from 1 July 2020. RACQ Bank is sharing its product information related to credit and charge cards, term deposits, saving and transaction accounts, home loans for both owner occupied and investment loans, personal and car loans and commercial and business loans, and personal and business overdrafts. RACQ is planning to make member data sharing available in the coming months. We will inform you when this occurs.
Is Open Banking secure?
RACQ Bank is committed to ensuring your data is safe and securely handled. 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.
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.