Open Banking

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.

 

More information

If you would like to know more about Open Banking, visit the Consumer Data Right website https://www.cdr.gov.au/

Data sharing

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.

 

For Developers

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
https://openbank.api.banksyd.com.au/cds-au/v1/banking/products

FAQs

  • Customer information such as name, occupation and contact details
  • Account information such as product type, account balance, transaction history and details
  • Direct Debits and scheduled payments
  • Saved payees

You may opt to share your data in order to acquire or utilise a banking service from another provider. When you choose to share CDR data, we will only share Bank of Sydney data with the Accredited Data Recipient (ADR) if you give us permission to do so.

No, at this stage only Internet Banking customers can elect to share data through Open Banking. If you’d like to activate Internet Banking, please contact us on 13 95 00 (Mon – Fri, 9am – 5pm AEST) and our team can organise access for you.

Only you, as the account holder, can give permission to share your CDR data with an ADR. At this stage, customers with joint accounts can’t share account related data.

All financial institutions and other organisations participating in Open Banking must seek accreditation via a strict process with ACCC before they can request you to share your data. All banking data shared through CDR is subject to the Privacy Act and is regulated by OAIC (Office of the Australian Information Commissioner).

Yes, you have access to the Data Sharing Dashboard, where you can view and/or cancel a consent to share data.

Once a consent is revoked, the Accredited Data Recipient will no longer have authorisation or access to continue to retrieve your data.

We're here to help

For more information about Open Banking visit the Consumer Data Right website.

Learn more

Ask questions and get updates about Open Banking at Bank of Sydney.

Email us