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.
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.
The current regulatory timeline for availability of Rabobank client data is July 2021.
Rabobank cannot share any client data without explicit consent from the client.
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.
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.
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.
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.
