What is Open Banking?
What are the benefits of Open Banking?
What is Open Banking consent?
What is an Open Banking linked account?
What data is shared through Open Banking?
What happens to my data upon withdrawal or expiry of consent?
Open Banking was introduced after the Australian Government passed legislation called the Consumer Data Right (CDR). It means you can consent to share your banking data with your client portal and other organisations accredited by the Australian Competition and Consumer Commission (ACCC).
Open Banking is designed to make the process of retrieving your account balance and transactional information safer and more secure. Aside from the major benefit of increased security, Open banking allows data feeds to reach a wider range of banking institutions.
Open Banking is configured via redirection to your banking institution's website giving you greater security and control of your banking data.
What are the benefits of Open Banking?
Rest assured that strong privacy and security protections are in place when using Open banking. Your client portal follows strict rules and regulations as governed by the CDR.
- You decide if you want to share information
- You control what information to share
- You choose who you share your information with
- You choose when you want to stop sharing your information
If you choose to use Open banking to link your bank accounts, you are in full control of the data you share with your client portal.
NOTE: Open banking in the Client portal is only available via Desktop and to selected institutions and account types (bank, loan, credit card). Please be patient as we expand the financial institutions available via Open banking in the coming months.
Source: https://www.cdr.gov.au/
Consent is the overall authority given to the portal to access to your banking data. Open Banking data feeds cannot be added to your portal without your consent.
Consent is given using a set of online banking credentials when adding an account, migrating an existing account and renewing consent. During these processes, you must give permission for the portal to access your banking data (which is done via redirection to your financial institution's website).
Once given, consent is valid for 12 months and will need to be renewed prior to the expiry date in order to continue the data feed and maintain the information already supplied.
NOTE: You will receive an automatic reminder email 30 days prior to consent expiry. Renewal of consent must be completed prior to expiry to avoid deletion, loss of data and discontinuation of feeds.
What is an Open Banking linked account?
During the consent process you must link the accounts you wish to share with the portal to the open banking consent. Each banking item you share with the portal has its own link to the overall consent.
For example, you may give permission to link a credit card, loan and bank account. This one consent would contain three links (1- bank account, 2- loan, 3- credit card).
The linking or unlinking of accounts that belong to the same set of online banking credentials should be done through the manage consent area of the portal.
NOTE: If you want to add an account belonging to a different set of online banking credentials, see How do I add a bank account via Open Banking?
What data is shared through Open Banking?
It is possible for financial institutions to share banking items to your client portal such as:
- credit or debit cards
- term deposits
- transaction and savings accounts
- home loans (mortgages)
- personal loans
and may allow you to share the following account information with your client portal:
- Account balance and details (BSB and Account number, current balance, available funds, status, product category, account type and product name)
- Transaction Details- (date, amount, transaction name)
- Statement Details- (Incoming and outgoing transactions, transaction details)
NOTE:
1) The type of account and/or the data shared via Open Banking may vary per financial institution.
2) Upon first time sync of your accounts with the portal, approximately 30 days worth of data will be brought through. Over the following 24 hours the portal will continue to retrieve and store historical information. Depending on your financial institution this could be between 90-365 days worth of data.
What happens to my data upon withdrawal or expiry of consent?
Once consent is given for the client portal to access your banking and transactional data, the consent is valid for 12 months. Consent can be withdrawn at any time at your discretion however once the 12 months has passed, consent will expire.
Withdrawal
If you withdraw your consent, accounts and their associated data are automatically removed from your client portal. This action cannot be undone, use carefully.
Expiry of consent
In the event that consent has expired, you have 2 options as to what happens to your data.
These options are configured during the initial consent process and can be managed at any time via your banking institution or the client portal.
OPTION 1
Keep my data stored in the portal upon consent expiry
By default this setting is OFF, meaning if your consent has expired, account information and associated data that exists within your portal will be kept.
Being that your consent has expired, the data will not update moving forward.
OPTION 2
Delete my data from the portal upon consent expiry
By turning this setting ON you are allowing the automatic deletion of account information and associated data upon expiry of consent. All data saved in your client portal will be lost. This cannot be undone.