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.