What is Open Banking?

In 2019 the Australian Government passed the Consumer Data Right (CDR) legislation. In a nutshell, it gives you, the consumer, more access and control when it comes to the data linked to the products and services you have with us, including your personal banking data. This is referred to as “Open Banking”.

Open Banking gives you more control of your banking data and who you choose to share it with. You can choose to share specific types of banking data with accredited third parties, like other banks and financial institutions.