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?
On 14 December 2023 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 and Rural Bank brands. Rural Bank exemption is granted until 30 November 2024, and Adelaide Bank until 31 December 2025 for existing brokered customers and white-labelled products.
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.
- To discuss your options around transitioning your accounts to Bendigo Bank contact us on 1300 236 344.
- To open an Up bank account, simply download the Up app from the App Store for iOS or Google Play for Android and follow the instructions.
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.
Where can I find further information?
For more information about Consumer Data Right and Open Banking please visit the Australian Government's CDR website.