What is Open Banking?
Open Banking is an initiative that will give you greater control over and access to your banking data. It will do this by giving you the ability to share certain information with third parties that have been accredited by the Australian Competition and Consumer Commission (ACCC).
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, while enabling you to make more informed decisions about the products and services you use.
Open Banking is part of the introduction of the Consumer Data Right, announced by the Australian Government on 26 November 2017.
AMP's Consumer Data Right policy
Our Consumer Data Right policy provides information on how AMP Bank manages data under the Open Banking initiative. 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.
The Consumer Data Right is regulated by the ACCC, the Office of the Australian Information Commissioner (OAIC) and the Data Standards Body (DSB). More information on the role of each regulator and the Consumer Data Right can be found on the Consumer Data Right website.
Am I eligible to share my data?
To be eligible to share your data with an accredited data recipient, you must:
- be over 18
- have an active account with AMP Bank that's eligible to share data
- be registered for My AMP
- make sure your mobile number is available in My AMP for password management when consenting to share data
AMP Bank accounts eligible for Open Banking
You will be able to share data on the eligible accounts below if the account is in one name only:
- AMP Bett3r Account
- AMP Access Account
- AMP Cash Manager
- AMP Bank Term Deposit
- AMP Notice Account
- AMP Saver Account.
Home loan, offset accounts and closed accounts are not currently available for data sharing. In late 2021 you will be able to share your data on these accounts. Joint accounts, business accounts, partnership accounts and products held by individuals as trustee for a trust will become available for sharing in 2022.
What data am I able to share?
The data that you can share includes:
- Customer data including full name
- 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.
How can I provide my consent to share data?
You can provide your consent on the website or app of the accredited data recipient. When doing this, you’ll be taken to AMP's consent portal where you’ll confirm what data you’d like to share.
Step 1: Enter your My AMP username and click 'Continue'. For added security reasons, you’ll not be required to enter your My AMP password.
Step 2: We’ll send a unique one-time password to the mobile number that you’ve registered in My AMP. Please enter this and click 'Continue'.
Step 3: Choose the account or accounts which have data you’d like to share and click 'Continue'.
Step 4: Review the details and confirm you want to share by clicking 'I confirm'. We’ll then take you back to the accredited data recipient’s website or app.
How can I view or manage any consent that I’ve given?
You can view and manage your active consents in My AMP. You’ll also be able to view details on any previous consents, which have expired or been withdrawn.
Step 1: Log into My AMP and select "Manage CDR consent", which is under your profile located in the top left of the screen.
Step 2: Click on the 'Active' or 'Archived' consent which you’d like to view. From here you’ll be able to manage your consent.
If I've given my consent, why isn't AMP Bank sharing my data?
There may be several reasons why AMP Bank is unable to share data when you’ve given consent. These include:
- The accredited data recipient is experiencing technical issues
- Security reasons
- AMP Bank may have been asked by the regulators to temporarily stop sharing data with that specific accredited data recipient.
Why are some of my accounts not visible or unavailable to share?
Accounts such as home loans, offset accounts and closed account will be showing as 'unavailable to share' or will not be showing at all.
That’s because you won't be able to share data for these accounts until later in the year, while data for joint accounts, business accounts, partnership accounts and products held by individuals as a trustee for a trust won't be available until 2022.
Meanwhile, other accounts mightn’t be visible as you may have chosen not to have access to these accounts in My AMP. We can only share account data on accounts that are eligible and are available in your My AMP profile.
How can I withdraw my consent to share data?
You can request to withdraw your consent at any time in My AMP or by contacting us. Once you have withdrawn your consent, we’ll no longer share your data with that accredited data recipient.
Step 1: Log into My AMP and select "Manage CDR consent", which is under your profile, located in the top left of the screen.
Step 2: Select the 'Active' consent that you want to withdraw and select 'Stop sharing'.
Once that’s done, we’ll stop sharing your data with that accredited data recipient and the consent status will be withdrawn.
How do I get an accredited data recipient to delete my data?
If you decide to stop sharing your data with an accredited data recipient and withdraw your consent, you can contact the accredited data recipient and ask them to delete your data from their records.
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.