Data Sharing Arrangements using Open Banking
What is Open Banking?
Open Banking is part of the Consumer Data Right (CDR), which gives you, the consumer, the ability to:
- Access ANZ’s generic product data
- Direct ANZ to share certain data about you and your accounts to an accredited data recipient.
How will Open Banking benefit consumers?
The CDR 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, all ANZ customers are eligible to choose to share their data with accredited ACCC third parties, when they meet the below customer and account eligibility criteria.
Customer eligibility
Customers must meet all customer eligibility criteria below:
- Must be 18 years old or over
- Must be an individual who is the account owner (for business accounts this will be a sole trader)
- Must have a publicly offered banking product which is accessible online
- Must have a valid mobile phone number (required to support authentication using a one-time password).
Open Banking is available through ANZ's primary retail channels i.e. ANZ Internet Banking and/or ANZ App. If you are eligible but currently bank through IB4B or Transactive Global, please contact us to see how we can help you access Open Banking.
Account eligibility
To share data for an account, the account must meet the eligibility criteria below:
- It must be an open account
- It must be an account in the name of a single person (no joint accounts)
- The customer must be the account owner
- Account must be a:
- Credit card account
- Debit card account
- Deposit account
- Transaction account.
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, or the account(s) do not meet the eligibility criteria.
Open Banking is progressively being expanded. More accounts, such as joint accounts, closed accounts, home loans and personal loans, will be available for data sharing over time.
When does Open Banking commence?
Consumer data sharing
The choice to share your banking data with accredited data recipients — for eligible accounts — commences July 2020.
Public Product Information
On 1 July 2019, ANZ made generic product data — that’s standard data about our products — available via application programming interfaces (APIs). If you are a developer, our APIs can be found here.
Who can I share my banking data with?
Data sharing will only be possible with third parties that have been accredited by the Australian Consumer and Competition Commission (ACCC). These third parties are known as accredited data recipients.
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 and be accredited by the ACCC.
Am I automatically opted in to Open Banking?
No – it’s always your choice. If an accredited third party offers you products or services which are based on you 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 for authentication, and prompt you to direct ANZ to share the data. You cannot initiate the sharing of your ANZ data from ANZ.
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 via the accredited data recipient’s service, ANZ Internet Banking, or via the ANZ App. In ANZ Internet Banking or ANZ App, refer to your “Profile” section, 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 are unsure of their policy, or how this may affect you, contact your accredited data recipient before stopping your data sharing arrangement.
Where can I go for further information?
For more details on the Consumer Data Right and the phased implementation approach, please refer to cdr.gov.au.
Details about ANZ’s Consumer Data Right Policy can be found here.
ANZ’s Open Banking APIs can be found here.
If you are experiencing any issues or have any concerns, please contact us on 13 13 14.