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.
Please note that we were granted an exemption by the ACCC to enable Open Banking for our customers by 1 July 2022. Further details can be found on the ACCC CDR Exemptions Register.
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.