What is Open Banking?
Open Banking, also called the Consumer Data Right, aims to provide greater choice and control for Australians over how their data is used and disclosed. It will allow consumers to access particular information in a usable form and to direct a business to securely transfer that information to an accredited data recipient. To find out who is accredited by the ACCC to receive data through Open Banking, take a look at the Consumer Data Right website.
Open Banking is a service that gives you greater access and control of your banking product and service information. It may improve the way you compare products and services between providers, so it is easier for you to find what best meets your needs.
The Australian Government passed the Consumer Data Right (CDR) legislation in 2019, which is often referred to by the banking industry as Open Banking.
Product information – from October, 2020
Generic information about savings, transaction, term deposits, loan and credit card products including features, eligibility, rates and fees will be available from October 2020.
This is available through a new Product API (Application Programming Interface).
This will enable other providers to use this information to compare banking products for consumers, and as such increase competition and make it easier for you to compare products and services.
Customer and account transaction data – November 2021
You will have access to share your banking product, balances and transactional data from July 2021.
As we get closer to this date further information will be available to show you how to consent to and share your data. This will occur via your internet banking and banking app access.
No. Selected data will only be shared with accredited third parties once you have authorised it.
You’re Capricornian data will only be shared with accredited third parties once you have authorised it. After you’ve authorised a third party to access your data, you can revoke that access at any time and ask for your data to be deleted.
You can use Online Banking to revoke your permission to share data at any time and ask for your data to be deleted.
To revoke permissions:
- Login to Online Banking.
- Select Services > Data sharing.
- Select the third party you wish to revoke permissions.
- Select stop sharing.
- You will be prompted to review your decision. Select stop sharing to confirm.
You can also revoke permissions by calling our contact centre.
As always, our priority is protecting your privacy and information.
We have strict requirements for collecting, accessing, storing and sharing your information to ensure your data remains safe.
You are in control of your data, including who can have it and how it is used, there will be new privacy safeguards such as consent requirements to enable this. These safeguards have been established by the Consumer Data Right legislation and adherence to those rules will be monitored and any breach can result in substantial penalties. You can request The Capricornian Ltd to stop sharing your data with other third parties at any time, or if a third party is retrieving your data, you can request to have it deleted.