Open Banking

04 November 2021
 
What is Open Banking and what does it mean for you?
 
Open Banking is a new system that makes it easier for consumers to share their banking and financial data with organisations accredited by the Australian Competition and Consumer Commission. It’s part of the Consumer Data Right (CDR) which is designed to give consumers greater access and control over their personal banking information across the industry. You can find out who is accredited to receive data by clicking here.
 

Easy Street is now a Data Holder under CDR
 

A data holder is an accredited CDR business that holds consumer data and must transfer the data to an accredited data recipient at the consumer's request. You can view our Data Holder Policy via the link above.

Simply put, if you have consented to share your data under the CDR, when an accredited data recipient requests your details to help you compare, switch or manage products or services, we will securely pass that information to them.

The choice is yours
 

It’s important to note that your data will only be used if you give consent for it to be. It is your choice whether or not you want to give a business access to your data and you can withdraw that consent at any time. You can also ask for data to be deleted if it is no longer needed.

Rest assured, the process is very secure, and those businesses who are involved have been through an accreditation process with the Australian Competition and Consumer Commission (ACCC) to ensure that they adhere to high standards.

Managing your data

 
Through your internet banking channel Easy Street now provides you with a Consumer Dashboard where you are able to review all your Data Sharing arrangements. You can also request us to stop sharing your data. This dashboard is available from within Easy Street Internet banking by clicking Accounts then Data sharing from the top menu.


How secure is Open Banking?

 
Under Open Banking your personal data remains very secure. The financial institutions and other accredited organisations involved in Open Banking need to follow strict security standards at all times.
 
How you can benefit
 
Open Banking makes it easier to compare products and services, and switch between different financial institutions. 
Under open banking, you will have control over who can access your financial data. You can safely share your personal banking information between accredited third parties as well as correct data held about you. Some of the data you may choose to share includes:
 
• Personal information such as your phone number, email and address
• Details of your account balances
• Information about your financial products such as the interest rate and fees
• Transaction details including amounts spent.
 
 
 

 

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.