FAQs - Open Banking | Rabobank AU
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FAQs - Open Banking

What is Open Banking?

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Open Banking is the first implementation of the Consumer Data Right (CDR) regime which has been established to give Australians greater access and control over their data.

The CDR legislates that customers own their data, not the organisation that holds it. This legislation, combined with a technical foundation to support it, will enable you to easily access your data and share it with accredited organisations.

What are the benefits of Open Banking?

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Open Banking will enable 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 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.

As a Rabobank client, when can I share my banking data?

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The current regulatory timeline for availability of Rabobank client data is July 2021.

I can’t see Rabobank in the Open Banking system as an option.

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Open Banking initially launched with the ‘Big Four’ banks. Rabobank will start to implement Open Banking from October 2020 with Product Reference Data for transaction accounts, savings accounts and term deposits. The current regulatory timeline for availability of Rabobank client data is July 2021.

Is Rabobank sharing my data?

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Rabobank cannot share any client data without explicit consent from the client.

What are Accredited Data Recipients?

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Accredited Data Recipients or ADRs are other organisations such as banks, product and service providers, budgeting tools and comparison tools that are accredited to receive clients’ 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) will maintain a register of all Accredited Data Recipients (ADRs). As part of the process of registering your consent, the Data Holder must verify that the ADR is accredited before allowing any data sharing to occur.

What types of data are available through Open Banking?

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There are specific types of data that will be available under Open Banking. These will be progressively released according to Australian Competition and Consumer Commission (ACCC) timelines and depend on associated client, account and product types.

Product Reference Data is freely available to anyone and is not part of an authorised consent process.

When providing your consent to a personal data sharing arrangement, you will be asked to specify which data types you agree to share.

•   Product Reference Data

Standardised information about the published rates, fees and features of a bank's publicly available products.

•   Client data

Personal information such as name, phone number, email address and residential address.

•   Account balance and details

Information about eligible accounts including name, account number, balance, fees and interest rates.

•   Transaction details

Information about incoming and outgoing transactions including date, amount, description, who you have sent money to and received money from.

•   Direct debits and scheduled payments

Including description, date, amount and schedules.

•   Saved payees

Names and details of accounts you have saved.

How will my data be protected?

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In addition to requiring you to authorise and grant consent for each data sharing arrangement, Open Banking has been established with a high level of privacy protection and information security.

To ensure Australians are protected, several measures have been implemented. This includes the accreditation of data recipients as well as the introduction of transfer, security and data standards. The Office of the Australian Information Commissioner (OAIC) will be advising on and enforcing privacy protections as well as providing a range of avenues for clients to seek remedies for breaches.

Client data can only be shared with Accredited Data Recipients (ADRs) accredited by the Australian Competition and Consumer Commission (ACCC) under strict criteria. As part of the consent process and prior to sharing any data, Rabobank will verify that the organisation you want to share your data with is an ADR accredited by the ACCC.

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