FAQs - Open Banking | Rabobank AU
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FAQs - Open Banking

What is Open Banking?

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Open Banking lets you to take control of your banking data and share it securely with accredited organisations. It was introduced by the Australian Government under legislation called the Consumer Data Right (CDR).

What is the Consumer Data Right (CDR)?

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The Consumer Data Right (CDR) is Australian Government legislation that gives consumers the right to share their data between service providers.

The CDR is being rolled out progressively. The first industry sector it applies to is the banking sector, with the energy sector to follow next and telecommunications to follow.

Rabobank is registered with the ACCC as a CDR Data Holder.

What are the benefits of Open Banking?

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Open Banking enables you to share your own banking data more easily with accredited organisations. The aim of this is to make it easier to compare products and services, as well as increasing choice and competition in the banking sector.

Open Banking also requires banks to share their existing product reference data in a standardised format. This encourages the development of new applications and services based on that data, such as product comparison tools.

You can find a list of all the accredited organisations on the Australian Government’s CDR website here.

What am I able to do with Consumer Data Right (CDR) and Open Banking?

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If you’re eligible, you can share your client details, account information, scheduled payments, and transaction history with accredited organisations.

You could share your banking data with other organisations for services such as product comparison, tailored product recommendations, finding the best deal on your banking services, budgeting, consolidation of your accounts, and other services.

Do I have to be involved?

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No, participation is completely optional. Rabobank will only share your Consumer Data Right data if you consent, or where otherwise required by law.

What types of data can be shared?

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Eligible clients can consent to share their banking data including:

  • Name and contact details
  • Account balance
  • Account information (such as direct debits and scheduled payments)
  • Transaction details

Rabobank also makes available to anyone our standardised Product Data, to facilitate services such as market-wide product comparisons. This is disclosed in machine-readable form via Application Programming Interface (API), and includes:

  • Product name and eligibility criteria
  • Terms and conditions
  • Interest rates
  • Fees or discounts

How long is data shared?

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You can choose which data you want to share and how long you want to share it for (e.g. for 3 months, 6 months, or up to 12 months). Data sharing arrangements will automatically expire once that period has ended. The maximum time period for sharing data is 12 months.

Once your Rabobank banking data has been shared with an accredited organisation, it is no longer managed by us. Please refer to the accredited organisation’s Consumer Data Right policy for details on how they manage your data.

Is Open Banking secure?

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All participating CDR organisations must be accredited by the Australian Competition and Consumer Commission (ACCC) before they are able to request data on your behalf. This accreditation process includes testing to ensure that participating organisations meet certain security standards. As an active data holder, Rabobank must also adhere to these standards.

What is an Accredited Data Recipient?

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Accredited Data Recipients (ADRs) are organisations such as banks, product and service providers, budgeting and comparison tools that are accredited to receive clients’ banking data. ADRs are accredited by the Australian Competition and Consumer Commission (ACCC) under strict criteria.

How do I know if an organisation is accredited?

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The Australian Competition and Consumer Commission (ACCC) maintains a register of all Accredited Data Recipients (ADRs). As part of the process of registering your consent, Rabobank must verify that the ADR is accredited before allowing any data sharing to occur. You can find the list of all the accredited organisations on the Australian Government’s CDR website here.

Am I eligible?

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Data sharing is currently available to Rabobank Online Savings clients with individual or sole trader accounts.

To be eligible for data sharing, you must:

  • be at least 18 years old
  • have an eligible individual or a sole trader account
  • have at least one account with Rabobank that is open and accessible through Internet Banking, and
  • have a valid mobile phone number linked to your Rabobank account (required to authenticate with a one-time password. We will never ask for your internet banking password)

Eligible Rabobank Online Savings accounts are:

  • High Interest Savings Account
  • Purpose Saver Accounts
  • Notice Saver Accounts
  • PremiumSaver Account
  • Term Deposits

When will it be available for Farm Business (Rural Banking) clients?

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The next phase of data sharing will commence for eligible Farm Business (Rural Banking) clients with individual or sole trader accounts by 28 February 2022.

When it becomes available, to be eligible for data sharing, Farm Business clients must:

  • be at least 18 years old
  • have an eligible individual or sole trader account
  • have at least one account with Rabobank under the same client entity that is open and accessible through Internet Banking, and
  • have a valid mobile phone number linked to your Rabobank account (required to authenticate with a one-time password. We will never ask for your internet banking password)

Eligible clients will be able to share some of their banking data for these Farm Business accounts:

  • Call Deposit Account
  • Rural Term Deposit
  • Security Term Deposit
  • Call Security Deposit Account
  • Cash Management Account
  • Premium Cash Management Account
  • Farm Management Call Deposit
  • Farm Management Term Deposit
  • Seasonal loan – Cotton

When will it be available for Joint Accounts, Partnerships, Companies, and Trusts?

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Eligible clients with Joint Accounts are planned to be able to share their data from 1 July 2022, followed by Partnerships, Companies and Trusts.

Will my data only be shared with my consent?

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We will only share your CDR data if you consent, or where otherwise required by law.

How can I make a complaint?

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If you have a concern or complaint, we want to hear from you. Please refer to our Consumer Data Right (CDR) policy, which you can view here, for how you can make a complaint about how we handle your banking data.

Where can I find your Consumer Data Right (CDR) policy?

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Our Consumer Data Right (CDR) policy provides information about how Rabobank manages data under the CDR, including how you can access and correct your CDR data.

View our Consumer Data Right policy (PDF)

Where can I get more information about Open Banking and the Consumer Data Right (CDR)?

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You can find out more information about Open Banking and the Consumer Data Right (CDR) on the Australian Government’s CDR website at www.cdr.gov.au

I am a developer. Where can I find the APIs (Application Programming Interfaces)?

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The Rabobank CDR Banking APIs (Products and Product Detail) can be accessed at: https://openbanking.api.rabobank.com.au/public/cds-au/v1/banking/products/

The Rabobank CDR Common APIs (Status and Outages) can be accessed at: https://openbanking.api.rabobank.com.au/public/cds-au/v1/discovery/outages/

The Rabobank CDR Common APIs (Customer & Customer Detail – requires customer consent) can be accessed at: https://secure-openbanking.api.rabobank.com.au/cds-au/v1/common/customer/

The Rabobank CDR Banking APIs (Accounts, Balances, Account Detail, Transactions and Payments – requires customer consent) can be accessed at: https://secure-openbanking.api.rabobank.com.au/cds-au/v1/banking/

The APIs are intended to be accessed by software programs and may not be accessible by a standard web browser.

Rabobank’s Open Banking APIs have been developed in accordance with the Consumer Data Standards.

What is my Internet Banking Customer Number?

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Rabobank Online Savings clients only

To receive the One-Time Password, as part of the consent process, you will need your 8 digit Customer Number that you use to log in to your Rabobank Online Savings Internet Banking. You can find your 8 digit Customer Number on your welcome letter.

If you are unable to authenticate or are unsure of your Customer Number, please contact us.

I haven’t received my One-Time Password

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Rabobank Online Savings clients only

  1. Check to see that your phone has service.
  2. Wait a few minutes before restarting your phone and attempting the data sharing process again.
  3. Check that the last four digits of the mobile phone number is the mobile number you have linked with your Rabobank account.

If you still are not able to receive your One-Time Password after trying the above steps, please contact us.

I received an error message saying I’m not eligible. Why did this happen?

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Rabobank Online Savings clients only

Data sharing is currently available to Rabobank Online Savings clients with individual or sole trader accounts.

Please see the section Am I eligible? for details.

If you meet the eligibility criteria and still receive this error message, please contact us.

Why is my account not showing in the list of accounts available to share data from?

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Rabobank Online Savings clients only

Please see the list of available products here.

If you want to share data from one of these account types but it is not showing in the list of accounts available to share, please contact us.

Can I cancel my consent?

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Rabobank Online Savings clients only

You can withdraw your consent for us to share your CDR data by:

  • Internet Banking (not available in the Rabobank mobile banking app): Go to Services & Settings and select Data Sharing Arrangements under the new Open Banking menu item. You are able to immediately stop sharing data with any accredited organisation by pressing the “Stop sharing” button on the details screen for any currently active sharing arrangement.
  • On the app or website of the accredited organisation you are sharing your banking data with.
  • Contacting us via phone or email.

Once we receive your request to withdraw your consent, we will no longer share data with the accredited organisation.

Changes you make to your sharing arrangements will be reflected in the data sharing arrangements section of your Internet Banking.

Can I view my consents?

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Rabobank Online Savings clients only

You can view details of the consents you have made for us to share your CDR data by:

  • Internet Banking (not available in the Rabobank mobile banking app): Go to Services & Settings and select Data Sharing Arrangements under the new Open Banking menu item in Internet Banking. You will see a list of all the accredited organisations you are sharing your data with now and in the past (archived). You will be able to view their details, the data being shared and when your authorisation will expire or has expired.
  • On the app or website of the accredited organisation you are sharing your banking data with.
  • Contacting us via phone or email.

What if I have lost my Digipass and can’t access Internet Banking?

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Rabobank Online Savings clients only

You can contact us to cancel a data sharing consent. You can also contact us to request the details of all the accredited organisations you are sharing your data with now and in the past, including their details, the data being shared, and when your authorisation will expire or has expired.

Am I able to view and manage Open Banking consents in the Rabobank Mobile Banking App?

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Rabobank Online Savings clients only

No. You need to use the browser version of Internet Banking to view and manage your Open Banking data sharing consents.

Can I amend an active consent?

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Rabobank Online Savings clients only

You can amend an active consent by visiting the app or website of the accredited organisation you are sharing data with. For example, you may wish to change which banking data you would like to share or the period of time you would like to share it. From there, you’ll then be redirected to Rabobank so you can authorise and finalise your amendment in just a few steps like you did when you first set it up.

Changes you make to your sharing arrangements will be reflected in the data sharing arrangements section of your Internet Banking.

How long does my consent remain active?

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Rabobank Online Savings clients only

You can choose which data you want to share and how long you want to share it for (e.g. for 3 months, 6 months, or up to 12 months). Data sharing arrangements will automatically expire once that period has ended. The maximum time period for sharing data is 12 months.

Once your Rabobank banking data has been shared with an accredited organisation, it is no longer managed by us. Please refer to the accredited organisation’s Consumer Data Right policy for details on how they manage your data.

If you would like to continue sharing data after your consent has expired, you will need to provide your consent again, following the process described under ‘How to share your data’.

What can I do if I believe the data Rabobank shared is incorrect?

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Rabobank Online Savings clients only

You can ask us to correct your banking data or amend it if you think that it has been processed incorrectly or incompletely. Please contact us.

Once you make that request, we will acknowledge that we have received your request. We will aim to correct the data within 10 business days of receiving the request, after which we will confirm the correction has been made. If we are unable to correct your banking data, we will tell you the reason why it was not done.

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