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.
Open Banking is the name of the Consumer Data Right (CDR) as it is applied to the banking sector.
The CDR legislates that client data belongs to the client, not the organisation that stores it.
An organisation storing client data is referred to in the regime as a ‘Data Holder.’
Rabobank is required to participate in Open Banking as a Data Holder.
The CDR enables clients to easily access and share their data with other organisations that are accredited by the Australian Competition and Consumer Commission (ACCC).
An organisation that can receive data is referred to as an ‘Accredited Data Recipient.’
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.
Rabobank will not share your data without your consent. You are completely in control of who you decide to share your data with, but it may only be shared through the Open Banking system with organisations that are accredited by the ACCC.
There are specific types of data that will be available under Open Banking. These will be progressively released according to ACCC timelines and depend on associated client, account and product types.
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 is available to anyone and is not part of an authorised consent process.
Eligible Rabobank clients will be able to share their data after July 2021, starting with transaction accounts. Further information on how to do this will become available closer to this date.
Product Reference Data will be available from October 2020.
Note: These dates may change in accordance with any further updates to the CDR Rules by the ACCC.
If you don’t want to participate, you don’t need to do anything. Your consent is required for your data to be shared through Open Banking.
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. It will provide 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.
Rabobank’s Open Banking APIs (Application Programming Interfaces) have been developed in accordance with the Consumer Data Standards and will be updated in line with the CDR release timeline. The APIs are intended to be accessed by software programs and may not be accessible by a standard web browser.
Accredited Data Recipients and developers interested in accessing Rabobank’s Product Reference Data can find the APIs at the following locations.
The base address of Rabobank Open Banking APIs
https://openbanking.api.rabobank.com.au/cds-au/v1
Rabobank Product Reference Data
https://openbanking.api.rabobank.com.au/cds-au/v1/banking/products
