What is Open Banking?
Open Banking will enable you to compare financial services and products across multiple institutions, and allow you to securely share your data, such as transaction and account history with other accredited organisations.
Open Banking is part of the Consumer Data Right (CDR) legislation passed by the Australian Government, which aims to give customers across a number of industries greater access and control over their data.
Benefits of Open Banking
In an open environment, it will be easier for you to compare and switch banks and financial products. Being the owner of your data means you will have control of details related to you and your banking products.
Financial Institutions will also be able to provide you with more personalised services and products based on the information you choose to share.
Bank of Sydney has adopted Phase 1 of Open Banking
We have made available our generic product information, including features, fees, eligibility and interest rates for:
- Transaction accounts
- Savings accounts
- Term deposits
- Credit cards
From 1 July 2021 (non-major banks) you will be able to access and share certain transaction and account data through secure portals. As we move closer to the next stages of Open Banking, we’ll share more information and will let you know when you can start participating.
If you would like to know more about Open Banking, visit the Consumer Data Right website https://www.cdr.gov.au/
We’re making our Product Reference Data available through APIs. We’ll make more product data available for future stages of Open Banking.
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