Easily and securely share your banking information with organisations that you trust.
Open Banking gives customers the ability to securely share their selected banking data with accredited third parties. By putting the customer in control of their information, Open Banking lays the foundation to improve customer experience and convenience and will ultimately enhance competition and innovation.
In Australia, Open Banking is the implementation of the Consumer Data Right (CDR) for the banking sector. Overtime, other sectors of the economy will be mandated to implement CDR including Open Energy and Open Telco.
On 9 May 2018 the Government announced its intention to introduce a new Consumer Data Right in Australia. Put simply, the Consumer Data Right enables you to access selected banking information or to enable an accredited data recipient you choose to access that banking information. In relation to banks, the Consumer Data Right is referred to as “Open Banking”.
From 25 September 2020 information about our Savings, Transactions and Home Loan products including rates, fees and charges will be available. This will allow third parties such as fintechs and other third parties to gain access to this information in machine-readable format. By using this information, third parties may be able to make comparisons of products and prices across the market.
It is expected that RAMS customers can start sharing their selected banking information in 2021 starting with information about their Savings and Transactions accounts. Over time home loans will also be available.
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