Data Sharing Arrangements using Open Banking
What is Open Banking?
Open Banking was introduced in Australia by the government passing the Treasury Laws Amendment (Consumer Data Right) Act 2019 (Cth) to give you, the consumer, greater control of your data. You can now share your data held by ANZ with third parties that have been accredited by the ACCC, known as Accredited Data Recipients, so that they can provide you with a new product or service.
How will Open Banking benefit consumers?
The Consumer Data Right is intended to increase competition, first in the banking industry, where it is known as Open Banking, and later in other industries such as energy and telecommunications. Increased competition has the potential to allow you to negotiate better deals and save money. With Open Banking, you will be able to share your banking data with Accredited Data Recipients to take advantage of new products or services which they offer.
Who is eligible to take part in Open Banking?
In accordance with the Consumer Data Right, ANZ customers are eligible to share their data with Accredited Data Recipients, when they meet the customer and account eligibility criteria below.
Customer eligibility
Customers who are individuals must meet all customer eligibility criteria below:
- Must be 18 years old or over
- Must have a valid mobile phone number (required to support authentication using a One-Time Password)
- Must own at least one publicly offered banking product which is accessible online.
Open Banking is available through ANZ's primary retail channels i.e., ANZ Internet Banking and/or ANZ App. If you’re an eligible customer but don’t have access to either Internet Banking or the ANZ App, please contact us to see how we can help you access Open Banking.
Account eligibility
To share your data for an account, the account must meet the eligibility criteria below:
- It must be either an open account, or an account that has been closed within the last 24 months
- It must be accessible on either ANZ Internet Banking or ANZ App
- It must be one of the following:
- Credit card account
- Debit card account
- Deposit account
- Transaction account
- Mortgage account
- Mortgage offset account
- Personal loan account
- Business finance account
- Trust account
- Farm management account
- Retirement savings account
- An account with a line of credit, overdraft or deemed rate
- For solely owned accounts, it must be an account in the name of the customer (for business accounts, this is the sole trader)
- For joint accounts:
- It must have two owners
- The customer must be a co-owner of the account (for business accounts, this is a partnership), or be a trustee of the account
- Data sharing must be enabled.
Please refer to: How do I enable data sharing for joint accounts?
Please note: if you are attempting to share your account data, and one or more of your ANZ accounts is not available, this may indicate that you, your joint account holder, or the account(s) do not meet the eligibility criteria, or you or your joint account holder have not enabled data sharing on the account.
Open Banking is progressively being expanded. More accounts, including complex business accounts, will be available for data sharing over time.
Who can I share my banking data with?
Data sharing is only possible with Accredited Data Recipients.
View the list of Accredited Data Recipients
What ANZ data can I share?
You can share your customer data, account data, and transaction data held by ANZ. This includes your payees, direct debits, and scheduled payments. Further information on direct debits and scheduled payments is below.
Direct debits are regular payments from your account where you have given your BSB and account number to a merchant or service provider to debit your account when they provide a service to you. ANZ also includes recurring payments from your credit card account, where you have provided your card number and expiry date to a merchant or service provider to debit your account, when a service is provided to you.
Scheduled payments are payments to third parties and/or funds transfers scheduled by you in ANZ’s internet banking channel.
For more details on what data can be shared, please refer to www.cdr.gov.au.
Is Open Banking secure?
Customer data security is important to ANZ. All requests to access your data must be initiated by you, the customer, through a secure environment. ANZ cannot do this on your behalf. Additionally, third parties that want access to your data must comply with privacy and security standards to be accredited by the ACCC.
ANZ will never ask you to share your Customer Reference Number (CRN) or password with any third party, including Accredited Data Recipients requesting data using Open Banking.
Am I automatically opted in to Open Banking?
No – it’s always your choice. If an Accredited Data Recipient offers you products or services which are based on your using Open Banking, the decision to use, or not to use Open Banking, will always be yours.
How can I start sharing my data?
Open Banking is available through ANZ's primary retail channels i.e. ANZ Internet Banking and/or ANZ App. You need to initiate all data sharing with the Accredited Data Recipient you want to access your data. Once you have consented to share your data with them, they will redirect you to ANZ. ANZ will authenticate you and prompt you to authorise ANZ to share your data. You cannot initiate the sharing of your ANZ data from ANZ without first providing consent to the Accredited Data Recipient.
If you are sharing data for a joint account, please see how to enable data sharing for joint accounts.
Can I stop sharing my data?
Yes, you can choose to stop sharing data with an Accredited Data Recipient at any time. You can do this using the Accredited Data Recipient’s service, ANZ Internet Banking, or the ANZ App. In ANZ Internet Banking or ANZ App, refer to your “Profile” section, click on your profile in “Profile & Security” and scroll down to “Data Sharing”.
Important: Before you stop sharing your data, ANZ encourages you to review your Accredited Data Recipient’s policy on deleting or de-identifying your data. If you want your data to be deleted, you must make that choice before you stop sharing. If you are unsure of their policy, or how this may affect you, contact your Accredited Data Recipient before stopping your data sharing arrangement.
Joint account data sharing preference
Before you can share data with an Accredited Data Recipient, both you and the other joint account holder will need to ‘Allow data sharing’ on your joint account(s).
How do I enable data sharing for my joint accounts?
There are a few steps you’ll need to go through to successfully enable data sharing. First, you’ll need to complete the steps outlined under Part 1. This will show you how to change your data sharing preference on a particular account. If both you and the other joint account holder have already completed this step you can move to Part 2.
Part 2 starts with your chosen Accredited Data Recipient. From here you can commence the process of setting up a data sharing arrangement. It will now be possible to complete as your joint account(s) have been enabled for data sharing.
Select the platform you are using for relevant instructions.
Part 2 - Create a data sharing arrangement
Can I access ANZ’s Product Data?
If you are a developer, Open Banking allows you to access data about ANZ’s products currently openly offered to the market, using Application Programming Interfaces (APIs). These product APIs can be found here.
Where can I go for further information?
For more details on the Consumer Data Right, please refer to www.cdr.gov.au
View the list of Accredited Data Recipients
See details about ANZ’s Consumer Data Right Policy
If you are experiencing any issues or have any concerns, please contact us on 13 13 14.