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What is Open Banking?

Open Banking was introduced by the Australian Government as part of the CDR (Consumer Data Right) Legislation.

The CDR empowers customers to securely share their Auswide Bank data with organisations accredited by the Australian Competition and Consumer Commission including third parties (e.g. personal finance management apps) and other financial institutions. The potential benefits of sharing this data can include:

You can share data on any of your Auswide Bank deposit, loan and credit card accounts that you hold in your own name jointly or an account held under a business entity. Sharing of personal information with a third party is opt-in only.

Read more on Auswide Bank CDR Policy

How do I share my data?

To securely share your data, simply follow these steps:

  1. Give consent for the accredited data recipient to access your personal data via their website or app
  2. Once consent is given you will be redirected to an Auswide Bank page to confirm your identity (using your Auswide Bank Internet Banking login details and an SMS Secure One Time Password)
  3. Confirm and authorise the data and accounts that you'd like to share with the accredited data recipient
  4. Your authorised data is then transferred to the accredited data recipient
  5. Once your data is shared, you can use your Auswide Bank data in the accredited data recipient's services
  6. You can view and manage shared data, as well as withdraw consent at any time within the ‘Data Sharing’ section of Internet Banking (via ‘Accounts’)

Privacy and Security

Open Banking has privacy protections in place to help you share your data safely and securely, including:

  • It’s your choice to participate in sharing your banking data 
  • You will never be asked for your internet banking password when sharing data using Open Banking
  • You will always be sent a one-time password via SMS specific to the sharing request
  • Third party participants must be accredited by the ACCC (Australian Competition and Consumer Commission)
  • You manage the shared data using an Auswide Bank online dashboard
  • Consent can be cancelled at any time (via the online dashboard)
  • You can nominate a time limit for third party access of your data (up to 12 months)
  • After 12 months third party access to your data will automatically expire
  • You can ask a third party organisation to delete any data you have shared with them at any time

Developers

Open Banking allows developers to build apps and other services which access data held by financial institutions, like Auswide Bank, through use of APIs (Application Programming Interfaces).

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