Sharing your data with accredited providers.
What is Open Banking?
Open Banking is part of the broader Consumer Data Right (CDR) legislation, introduced by the Australian Government to give consumers more control over their data and make it easier to:
- compare products and services;
- access new and improved services.
It enables consumers to share their data with accredited providers via a simple, easy to use and secure automated process. You can see the list of providers accredited by the ACCC by visiting the CDR website.
The CDR legislation begins with banking and will later include the energy and telecommunications sectors.
What does this mean for me as a Rural Bank customer?
From 1 July 2022, our eligible customers will be able to authorise the sharing of their data with Consumer Data Right accredited service providers who offer a financial related product or service.
On 21 September 2022 the ACCC granted an exemption under section 56GD of the Competition and Consumer Act 2010 to Bendigo and Adelaide Bank Limited. The exemption defers the start dates of the consumer data sharing obligations for our Adelaide Bank, Rural Bank and Alliance Bank brands. Rural Bank exemption is granted until 31 December 2023, and Adelaide Bank until 31 December 2023 for new and refinanced brokered customers and until 31 December 2024 for existing brokered customers and white-labelled products. Alliance Bank brand until 31 July 2023.
Further details can be found in the ACCC CDR Exemptions Register.
Customers of our exempted brands will be able to share their data via Open Banking soon. Customers wishing to access Open Banking data sharing beforehand can do so by opening an eligible account with Bendigo Bank or Up. Please note that only accounts held with Bendigo Bank and Up are able to share data.
Will it be safe to share my data?
Yes, there are strict rules and security protocols in place to protect your information.
- CDR is co-regulated by the Australian Competition and Consumer Commission (ACCC) and the Office of the Australian Information Commissioner (OAIC).
- Providers must meet strict accreditation criteria and this process is managed by the ACCC. You can find out which providers are currently accredited.
If you choose to share your data, you will have full control of the data sharing arrangement; your data won’t be shared without your consent and you will be able to stop sharing your data at any time.
What if I don’t want to share my data?
Sharing your data is entirely your choice. If you’re offered a product or service that requires you to share your data, the decision to proceed, or not, will always be yours. We’ll never share your data without your consent.