Open Banking lets you 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).
You can choose to share some of your banking data with accredited organisations so they can provide you with an appropriate product or service. 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.
A list of all the accredited organisations is available on the Australian Government’s CDR website here.
You can pick and 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).
Client Data (upon your consent)
Rabobank also makes available to anyone our standardised Product Data, to facilitate services such as market-wide product comparisons.
Product Data (publicly available)
To be eligible for data sharing, you must:
If you’re eligible, you can share your name, contact details, and payees.
You can also share your account information, scheduled payments, direct debits, and transaction history for these products:
There are some components that we are still working on. These are summarised here, and the details can also be found in the ACCC CDR rectification schedule.
To be eligible for data sharing, you must:
If you’re eligible, you can share your name, contact details, account information, scheduled payments, and transaction history for these Rabobank Online Savings accounts:
Further products will become available for sharing by eligible Farm Business (Rural Banking) clients with individual or sole trader accounts in the coming months.
Eligible clients with joint accounts will be able to share their banking data from September 2022, followed by partnerships, companies and trusts. This applies to both Rabobank Online Savings and Farm Business (Rural Banking) clients.
Provide your consent on the website or app of the accredited organisation you want to share your banking data with first. You need to select the banking data you would like to share, and the period of time you would like to share it for (e.g. for 3 months, 6 months, or up to 12 months). Select “Rabobank” to continue the data sharing consent process with Rabobank.
You’ll then be redirected to Rabobank so that you can authorise and set up data sharing in just a few steps as outlined below.
You can view details or stop sharing by:
Our CDR policy provides information about how Rabobank manages data under the CDR. It describes how you can access and correct your CDR data, as well as how you can make a complaint about how we handle your CDR data.
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.
You can find the list of all the accredited organisations on the Australian Government’s CDR website here.
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.
Rabobank has always been committed to protecting your Personal data. Any Personal data used for Open Banking will continue to be protected and processed in accordance with our Privacy Policy.
Click here to find Rabobank’s Open Banking APIs (Application Programming Interfaces).