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 our generic product information, including features, fees, eligibility and interest rates, available for:
- Transaction accounts
- Savings accounts
- Term deposits
- Credit cards
- Home loans, personal loans and offset accounts
- Overdrafts and business loans
- Foreign currency accounts
From 1 July 2021, non-major bank customers will be able to share certain transaction and account data through secure portals. Eligible Bank of Sydney customers will be able to participate by the end of the year and we'll share more information here once available.
Who will be eligible to share data?
Customers who are:
- At least 18 years old and registered for Internet Banking
- Have an eligible individual account (closed, joint accounts and business accounts are not eligible at this stage)
- Sole traders
Which accounts will be eligible for data sharing?
- Credit cards
- Deposit and transaction accounts including term deposits
- Offset accounts
- Home loans and personal loans
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.
Get Product API