Frequently asked questions
What is Open Banking?
Open Banking is being introduced as part of the broader Consumer Data Right, the new Australian Government legislation giving Australians greater access to, and more control over their transaction data for products and services they purchase.
How will Open Banking affect me?
Open Banking will give you the power to easily and securely share your banking data with accredited third parties. This puts you in control of who holds your data and how it is used, giving you the ability to easily compare products and services between authorised deposit-taking institutions, helping you to manage your finances.
Is Open Banking Secure?
As a customer owned bank, protecting the safety and security of your information and privacy is our priority.
Open Banking participants are required to meet stringent accreditation criteria, as well as privacy and security requirements set by the Australian Competition and Consumer Commission (ACCC) and the Australian Information Commissioner (OAIC).
Your data will be protected by new privacy measures introduced under the Consumer Data Right, keeping you in control of your data and how it is used. This means you can manage the data you share, request for that sharing arrangement to be cancelled, and for your data to be deleted.
When does Open Banking begin at Bank First?
Legislation to enable Open Banking was passed by the Australian Government in August 2019 and will be introduced over two stages.
From September 2020, Bank First will gradually release product reference data with information related to our savings and transaction accounts. Overtime data will be added for all Bank First products, which means that third parties will be able to easily compare information.
From July 2021, consumer reference data will gradually become available for Bank First customers. This includes your account and transaction data and will give you the power to easily and securely share your financial data with accredited third parties.
- Where can I find out more about Open Banking?