What if I don’t want to use Open Banking?

Open Banking is the first element of the Australian Government‘s Consumer Data Right (CDR) legislation. CDR is envisaged to become an economy-wide system which will ensure the safe and secure transfer of consumer data.

The goal of Open Banking is to provide you with greater choice and control over how your data is used and disclosed. It will allow you to access particular information in a usable form and to direct a business to securely transfer that information to an accredited data recipient.

The security of your banking data is of the highest importance to Queensland Country.  Our privacy safeguards will ensure that you are in control of which companies access your data and how they use it. Open Banking will only allow access to your data if you give permission for an accredited data recipient to receive it.

Third parties providing services via Open Banking must be accredited by the Australian Consumer and Competition Commission (ACCC) and comply with all privacy and security requirements. 

View our Consumer Data Rights (CDR) policy. 

By allowing you to nominate accredited third parties that you wish to share your data with, Open Banking aims to increase competition between banks and other financial institutions, make it easier to compare products and simplify the process of switching banks.