Open Banking
Easily and securely share your banking information with trusted and accredited third parties.
ABOUT
What is Open Banking
In 2019, the Australian Government passed the Consumer Data Right (CDR) legislation, which is often referred to by the banking industry as Open Banking.
Open Banking aims to provide greater choice and control for Australians over how their data is used and disclosed. It will allow consumers to access their banking information in a usable form by directly transferring that information to an accredited data recipient.
CDR
Consumer Data Right Policy
Our Consumer Data Right (CDR) Policy contains more information on the Consumer Data Right, including how to access or correct your information, how to make a complaint and how we manage complaints.
Do I have to share my bank data?
To share your data via Open Banking is entirely your choice. We will never share your data without your consent.
Who can share data?
To be eligible for Open Banking data sharing, you:
- Must be at least 18 years old
- Are registered for online banking and have an up-to-date mobile number
- Must have an open and eligible account
Joint accounts are currently not available for data sharing via Open Banking
What data will I be able to share?
You will be able to share data such as:
- Your Name
- Account Details such as Name, Type and Balances
- Transaction Details such as Amounts, Dates and Description of transactions
Data sharing via Open Banking is currently enabled for savings, transaction, credit cards and term
deposit accounts that you hold with Great Southern Bank. More account types will be made available
in the future such as mortgage accounts and personal loan accounts.
Joint accounts are currently unavailable.
Supplementary Credit Card holders are currently not able to access Open Banking data sharing.
Can I share data for joint accounts?
Joint accounts are currently unavailable for data sharing via Open Banking. Data sharing will only be available for eligible accounts held in one name. In accordance with the Australian Competition & Consumer Commission (ACCC) timeline, you’ll be able to share data for joint accounts in the future.
Is data sharing secure?
Great Southern Bank is committed to ensuring that your data is safe and sharing your data via Open Banking is no exception. Your data can only be shared with your explicit consent and with data recipients that are accredited by the Australian Competition and Consumer Commission (ACCC). Data recipients must comply with strict privacy and security requirements in order to become accredited.
Who will I be able to share my data with?
Data sharing is only possible with Accredited Data Recipients.
How does data sharing work?
To share your Great Southern Bank data with an accredited data recipient:
- The first step is to provide your explicit consent via the accredited data recipient to share your Great Southern Bank data
- After receiving your request we will ask you to confirm your identity by using your Member Number, the last 4 digits of your mobile number, and by entering a one-time password that will be sent to your mobile phone
- You can then review the details of the request for the data to be shared and how long it will be shared for
- And ‘consent’ to commence data sharing with the accredited data recipient
Once I’ve consented to share my data, can I make changes to my consent arrangements?
Changes to your consent arrangements can be made at any time through the accredited data recipient. You cannot make changes to your consent arrangements through Great Southern Bank. Examples of changes that you may wish to make to your consent arrangements are:
- Duration
- Frequency
- Accounts
Once I’ve consented to sharing my data, can I withdraw my consent?
You can withdraw your consent at anytime through Great Southern Bank online banking.
Are there any fees charged to enable data sharing via Open Banking?
No, Great Southern Bank does not charge fees to enable data sharing via Open Banking.
Where can I go for more information?
For more information on the Consumer Data Right, please refer to www.cdr.gov.au
For more information about Open Banking at Great Southern Bank, you can call us on 133 282.