Open Banking is a component of the Consumer Data Right (CDR), introduced by the Federal Government to give customers rights to their data and greater control over how it is used.
Under the CDR legislation, you will be able to request access to and correct CDR data about you.
Open banking also allows you to share your financial information with accredited third parties (such as other financial institutions) and aims to make it easier for you to manage and compare your finances and services across multiple institutions.
To find more information about who is accredited to receive data as part of open banking, read here.
The CDR legislation has begun with banking, and will later include energy and telecommunications providers.
What does this mean for me?
MOVE Bank members are now able to authorise the sharing of their data with accredited third parties. To be eligible to use Open Banking you must:
- Be over the age of 18
- Have at least one MOVE Bank account or facility
- Have Internet Banking Access with One Time Password registered
MOVE Bank's Consumer Data Right Policy
How do I access and share my data?
You can manage your data sharing through MOVE Bank's Internet Banking.
You can authorise to share nominated data with accredited third parties for transaction and savings accounts, term deposits, home and personal loans, and credit or debit card facilities.
Watch this short tutorial for a step-by-step guide.
If you opt in to share information with an accredited third party, there are a range of security measures in place to protect it.
All participants under Open Banking which send and receive data must be accredited by the Australian Competition and Consumer Commission (ACCC) which have set strict security standards and accreditation criteria.