What is Open Banking or Consumer Data Right (CDR)?
In November 2017, the Australian Government announced the introduction of a Consumer Data Right (CDR) which is being applied in stages to the banking sector first and being referred to as Open Banking.Consumer Data Right Policy
Open Banking will allow you, as a consumer, to share your banking data with third party institutions such as other banks, credit unions, fintechs, online lenders and money management apps.
Once the banking sector roll out is complete, CDR will be extended to the energy and telecommunications sectors.
If you’d like more information about CDR, please visit the Consumer Data Right website.
How will I benefit from Open Banking?
Open Banking gives you, the consumer:
- A secure way to share your data.
- The opportunity to provide your transaction details to CDR accredited budgeting apps which may assist you in working towards a People’s Choice loan.
- The ability to compare and switch between products and services.
- Better prices and more innovative products and services as Open Banking will encourage competition between service providers.
Am I eligible to share my data?
To be eligible to share your data with an accredited data recipient, you must:
- Be over 18 years of age.
- Have an account with People’s Choice that's both open and eligible to share data.
- Have at least one account that can be accessed using Internet Banking.
- Have a valid mobile phone number so we can verify your identity when getting your consent to share data.
You will be able to share data on eligible accounts that are in your name only, or if you are a sole trader. Data sharing on joint accounts is not available at this stage but will become available later this year.
Is Open Banking secure?Keeping our members' information safe and secure is our highest priority. We have strict privacy and security requirements for accessing, sharing, and storing information to ensure your data remains safe.
Open Banking consumer data is only shared with accredited third parties when you authorise it.
You can withdraw your consent at any time and make a request to the accredited data recipient that the data you’ve shared be deleted or de-identified.
All Open Banking participants that receive data are required to be accredited by the Australian Competition and Consumer Commission (ACCC).
Will my data be shared without my consent?No. Under the Consumer Data Right, we will only share your People’s Choice data with another organisation if you give us permission to do so.
To track consents you have given, use the Data Sharing dashboard available in Internet Banking.
People’s Choice Open Banking ProgressThere are some elements of open banking that we are still working on, summarised below and details can also be found by clicking to view the ACCC rectification schedule. We will continue to provide updates on data sharing offerings and how you can benefit from Open Banking.
How does this impact members?
Expected resolution date
Data is refreshed once per day, overnight
Transaction data available via our open banking platform will be current as at the end of the previous day.
To be confirmed
|Payee data is refreshed once per day, overnight and Get Payees, Get Payee Detail API v2||Payee data available via our open banking platform will be current as at the end of the previous day||25 August 2022|
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Open Banking FAQs
- At the moment, you may share transaction data from:
•Credit card accounts
In 2022 you'll be able to share transaction data relating to:
•Your residential home loans
•Investment property loans
•Mortgage offset accounts
•Lines of credit (personal and business)
- A data holder is an organisation, such as People’s Choice, who holds data about consumers e.g. account information. Members need to consent before we can share their data with an accredited data recipient.
A data holder can also be an accredited data recipient.
- An accredited data recipient is an organisation that has been accredited under the Consumer Data Right to provide a service and receive information on behalf of the consumer. After receiving consent from the consumer, the accredited data recipient can ask for information from a data holder for a specific purpose and time period. One example of an accredited data recipient is an organisation offering the streamlining of finance applications or budgeting tools.
- You will have access to a management dashboard, where you will be able to manage all the details of your data sharing consents. You can access your dashboard via your Internet Banking login, using the Open Banking icon. This will redirect you to the Open Banking dashboard.
Using the dashboard, you can review the consents you’ve given to data holders and withdraw consent, change your preferences, and choose what you want to happen to your data after the consent has expired or been withdrawn.
- Your data can only be used for the purpose you consented to. If your information is used for a different purpose, that may be a breach of the Consumer Data Rights legislation which can result in fines and/or revocation of accreditation.
Consumer Data Right is regulated by the Australian Competition and Consumer Commission (ACCC), the Office of the Australian Information Commission (OAIC) and the Data Standards Body.
The ACCC develops and enforces the rules, provides accreditations and monitors compliance. The OAIC will lead on matters relating to the protection of individual and small business consumer privacy and confidentiality and compliance with the CDR Privacy Safeguard Guidelines. The Data Standards Body develops the standards that prescribe how data is shared within the system.
- Open Banking is being implemented in stages. The data that you can currently share includes:
•Your full name
•Account details, including the name on the account, type of account and account balance
•Transaction history, including the date and amount of incoming and outgoing transactions and any descriptions
- The following data can’t be shared at the moment but will be available in the future:
• Saved payees
• Direct debit authorisations
• Member address, email address and phone number
• Data relating to a closed account
• Data relating to a joint account
- You will be able to share your shared account data later this year (2022).
- The data sharing dashboard is a link within Internet Banking that allows you to securely view, withdraw and modify your historical data sharing arrangements.
- When you consent to sharing your data, you will have two options - you can choose to share data on a single occasion or for an ongoing period (maximum of 12 months). However, when you no longer wish to share the data, you can withdraw your sharing arrangement by either contacting the third party you initially started the process with (the accredited data recipient) or People’s Choice data sharing dashboard which can be found via Internet Banking.
- Once you have completed the last step of the authorisation process you will be sent an SMS confirmation. You can also access a PDF receipt via the data sharing dashboard. The data sharing dashboard can be viewed by logging into Internet Banking and using the Open Banking icon.
- You can view your historical data sharing arrangements on the dashboard which can be accessed through Internet Banking using the Open Banking icon. Your phone number will need to be correct for you to access the dashboard.
- At this stage, there is a one day delay before you see your latest transaction appear in your account as data in our system is updated overnight. This is important for the stability of our current Internet Banking platform.
The ability to share your data in real-time will be available in 2022.
- Yes, but only if you elected to share your data for longer than 24 hours and that period is still valid (i.e. the consent is still 'Active'). You can contact the third party you started the process with (the accredited data recipient) to amend your existing data sharing arrangement.
- No. You will need to complete the consent process again, this will be initiated by the third party you want to share data with.
- If you decide to withdraw your data sharing arrangement, you can contact the third party you started the process with (the accredited data recipient) and request they delete your data from their records.
- People’s Choice is a data holder under the Consumer Data Right (Open Banking). We are not currently an accredited data recipient but may apply to become accredited in the future. If such a decision is made, we’ll communicate this to our members.
To become an accredited data recipient, the organisation must satisfy strict requirements and specific security standards to ensure the ongoing security of your data.
To remain an accredited data recipient, they’ll need to maintain their accreditation by complying with a number of ongoing obligations. An accredited data recipient can also be a data holder.