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.
If you would like to know more about Open Banking, visit the Consumer Data Right website https://www.cdr.gov.au/
From 09/12/2021 you can share your Bank of Sydney data with Accredited Data Recipients. You can provide your consent on the website or app of the service provider you’d like to share your data with. If you choose to share your data, you’ll be redirected to Bank of Sydney environment so you can safely provide your consent to share your personal or account details.
Our Consumer Data Right policy
Our Consumer Data Right Policy describes how to share your data, what types of data are available for sharing and our dispute resolution channels. Please click here to view and download a copy of our Consumer Data Right policy.
Who is eligible to share data?
You can share your Consumer Data Right data if you’re:
- At least 18 years old and registered for Internet Banking
- Have an eligible individual account (joint accounts and business accounts are not eligible at this stage)
- A sole trader
Which accounts are eligible for data sharing?
- Credit cards
- Deposit and transaction accounts including term deposits
- Offset accounts
- Home loans and personal loans
In the coming months we’ll enable more types of accounts to be shared, such as overdrafts and business loans.
View and Manage Data Sharing Consents
The Data Sharing Dashboard gives you access to view and manage any arrangements and consents you have provided to ADRs is relation to your Bank of Sydney CDR data. Click here to login to the dashboard.
We’re making our Product Reference Data available through APIs. We’ll make more product data available for future stages of Open Banking.
Get Product API