Open Banking is a new initiative aimed at providing you greater control and visibility of your banking information. Once fully implemented, Open Banking will allow you to easily and securely share your banking details with trusted and accredited third parties.
Find out everything you need to know on Open Banking below.
What is 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.
When will Open Banking be available?
Product Information - 1 October 2020
From 1 October 2020 Queensland Country will make information regarding our range of savings, transactions, term deposit and credit card products (including features, eligibility, rates and fees) available. Other products such as home, personal and business loans will become available over time. Even with your consent, personal data on your current banking with us will not be available to transfer to an accredited third party during this stage.
Members and Account Transaction
When consumer data sharing becomes available (currently scheduled for July 2021) you will be able to start sharing the specific data Queensland Country holds regarding your banking with accredited third parties that you have provided permission to receive this information. This will start with your personal details and things like the balances and transactions you have made on your savings, transactions, term deposit and credit card accounts.
How will Open Banking make your life easier?
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.
Will my data be safe and secure?
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.
What if I don’t want to use Open Banking?
Your data will only be made available through Open Banking if you opt-in to provide information to an accredited third party, so the decision on whether your data is made available or not is entirely yours. You can also change your mind and revoke your consent at anytime.
How can I find out more?
For more information about Open Banking at Queensland Country, you can email us.
View information for Open Banking developers.