What is Open Banking?
Open Banking is part of a government initiative called the Consumer Data Right (CDR). The CDR is law that allows you to have more choice and control of your data and how it is shared. In the banking sector, CDR is known as Open Banking.
Consumer Data Right is an optional service, which means you can choose whether to use it or not.
There are special rules for accounts with more than one owner, that mean any of the account holders can choose to share data on a joint account, provided none of the account holders have disabled sharing on the account.
Under CDR, you can securely transfer your banking data to an accredited provider (also referred to as an ‘Accredited Data Recipient’), so you can investigate, compare, and access services more easily.
Safely sharing your data
CDR legislation requires all banks to participate in Open Banking for their customers, but the choice to use it will be in your hands. You will have to authorise the sharing of any data, and your details will only be transferred via approved and protected mechanisms.
Privacy safeguards and data security requirements are built into the CDR, and a business must be accredited by the Australia Competition and Consumer Commission (ACCC) to handle your data.
Who can share and receive banking data?
Only the owner of an account can authorise for data to be shared. There are eligibility rules that determine which customers and accounts can be shared via Open Banking. Find out more here.
Eligible joint accounts will be automatically enabled for sharing, should any one of the owners wish to do so. However, any owner of a joint account can disable their joint account/s from being shared by the other owners. Customers can only direct an accredited third-party to request banking data
Why would I use open banking?
Easier access to your financial data
Increased competition among banks to offer better products and services
Increased transparency across financial institutions
Easier ways to compare products and services to help you get the best deal
Your data sharing questions answered
Eligible customers
To share your personal details you must meet the following criteria:
- Be 18 years or over
- Have at least one open Greater Bank account
- Be registered for our app or online banking.
Secondary users
Secondary users have been given permission by the individual owner to act on the account. You must be linked to the account and have permission to make transactions on the account (e.g. Authorised user (authorised signatory), online banking (full access) or secondary card holder of a credit card). You must also meet the CDR customer eligibility criteria:
- Be an individual
- Be 18 years or over
- Be registered for our app or online banking
- Be linked to at least one open Greater Bank account
Non-individuals
A non-individual must:
- Be one of the following types:
(i) Partnership (where all partners are 18 years or over)
(ii) Company
(iii) Association or Co-operative
(iv) Government Body or
(v) Trust - Have at least one open Greater Bank account
- Be registered for our app or online banking
CDR account eligibility
To share your account data:
- All owners must be eligible customers
- Your account has to be open, or closed in the last 2 years.
When you give an accredited provider permission to access your data held with your bank (e.g. Greater Bank), a Data Sharing Arrangement is created between:
- The bank who holds the data (e.g. Greater Bank),
- The accredited third-party who will receive the data, and
- The customer who owns the data and is approving for it to be shared.
If you are an eligible CDR customer you will be able to select eligible accounts for sharing. The details of the Data Sharing Arrangement will be displayed, including; the accounts, requested data and data sharing period.
By selecting “I confirm”, you are agreeing to share your Greater Bank data with the accredited organisation.
Once the new Data Sharing Arrangement is established you will be re-directed back to the accredited organisation, who will now be receiving your data.
Are you a developer?
Greater Bank Get Products API URL
Greater Bank Get Product Details API URL
Experiencing difficullties?
If you are experiencing any technical issues with the APIs, please get in touch via the link below, or by emailing contactus@greater.com.au
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