When did Open Banking Launch?

The "Big Four" banks commenced sharing their product information on 1 July 2019 and enabled data sharing for their customers from 1 July 2020.

As a member owned bank, RACQ Bank has different timelines to the Big Four banks. RACQ Bank commenced sharing its product information from 1 July 2020. RACQ Bank enabled data sharing for individual accounts from 9 December 2021.

Open Banking has additional phases planned to provide consumers with more capability to share their data. RACQ Bank will continue to provide our members with increased capability to share your data consistent with the Open Banking phases and the banking sector. We will inform you when this occurs.