What is Open Banking?
Open Banking is an initiative that will give you, as well as all Australians, greater access to and control over your banking data.
Open Banking will also enable you to share this data with third parties that have been accredited by the Australian Competition and Consumer Commission (ACCC).
Open Banking will also improve your ability to compare and switch between products and services.
What are the benefits of Open Banking?
Open Banking will increase competition by providing a quick, easy and secure way to access and share your data and compare what different providers are offering.
This will provide you with access to better price comparisons, without needing to spend hours on the phone or filling in forms. Open Banking will allow you to make more informed decisions about the products and services you purchase.
How did Open Banking come about?
Open Banking is part of the introduction of the Consumer Data Right (CDR), announced by the Australian Government on 26 November 2017.
The CDR will first apply to the banking sector, with the energy sector and others to follow.
What role does the regulator play?
The CDR is regulated by the Australian Competition and Consumer Commission (ACCC), the Office of the Australian Information Commissioner (OAIC) and the Data Standards Body (DSB).
The ACCC and the OAIC make sure consumer rights and protections, including requirements around consent and privacy, are enforced. The DSB develops the data standards, which prescribe how data is shared within the Consumer Data Right system.
More information on the role of each regulator and the Consumer Data Right can be found on the Consumer Data Right website.
What is AMP's policy around this initiative?
AMP’s Consumer Data Right policy provides information on how AMP Bank manages data under the government scheme. It describes what data is available for you to share, how to request for your data to be corrected and how to make a complaint.
When will I be able to share my AMP Bank data?
In the coming months, you’ll be able to share your banking data with accredited data recipients, including that relating to your own personal transactional and savings accounts.
Later this year, this will be extended to home and investment property loans and offset accounts, as well as accounts held in joint names.
What will I be able to share?
You will be able to share, with accredited data recipients, AMP Bank data relating to your personal transactional and savings accounts in single name only, including sole trader accounts. The data that you will be able to share will include:
- Customer data including customers full name and occupation.
- Account details including the name on the account, type of account and account balance.
- Transactional details including incoming and outgoing transactions, amounts, transaction dates, description of transactions and information on who you have sent money to and received money from.
Is Open Banking secure?
Strong privacy safeguards are built into the Consumer Data Right system to make sure your data is protected. The Consumer Data Right privacy safeguards set out your privacy rights and the strict obligations placed on those who collect and handle your data.
Will I be charged a fee?
There’s no charge for you to share your data with an accredited data recipient. AMP Bank will also not charge accredited data recipients for receiving your data.