• Easily and securely share your banking information with organisations that you trust.

  • What is Open Banking?

    Open Banking gives eligible individual  RAMS customers the ability to share their banking data with other parties they trust, including other banks, online.

    Data sharing for non-individual RAMS customers including organisations and trusts is not yet available and will be enabled in line with the Federal Government’s implementation timeline (see https://www.cdr.gov.au/rollout for more information).  

    What is the Consumer Data Right?

    On 1 November 2021, RAMS enabled data sharing for mortgage accounts for individual customers. This is in addition to savings and transaction accounts which have been available for data sharing since 1 July 2021. 

    We are pleased to announce that Westpac Group has been approved by the ACCC as an Accredited Data Recipient (ADR) under the Consumer Data Right. We will continue to provide updates on data sharing offerings for customers and how you can benefit from Open Banking.

    What's new for Open Banking?

    Consumer data sharing for Open Banking will Go Live for RAMS on 1 July 2021, with savings and transaction accounts available for data sharing. 

    Check the updated List of Accounts, to see which account products are currently eligible for Open Banking.

      • On 1 October 2020 RAMS commenced data sharing for product reference data via our public Open Banking Product API.  The number of products available for product reference data sharing expanded on 1 February 2021 and again on 1 July 2021, in line with the Government’s phased implementation of the Open Banking regulations. Product reference data can be used by third parties to make comparisons of products and prices across the market.

        On 1 July 2021 RAMS commenced consumer data sharing, allowing eligible customers to share their data for in-scope products with Accredited Data Recipients (ADRs). The products and data available for consumer data sharing will continue to expand in line with the phased implementation of the Open Banking regulations. Consumer data sharing gives consumers greater access to and control over their data and may improve consumers’ ability to compare and switch between products and services.  

      • One of the purposes of Open Banking is to increase competition across financial services and potentially allow customers to negotiate better deals and save money. Open Banking means that you will be able to share your data with Accredited Data Recipients (ADRs). This will give you access to products and services offered by ADRs that may suit your needs.

      • RAMS is committed to ensuring that your data is safe including via Open Banking. Customers who want to use Open Banking will need to be registered for Internet Banking on myRAMS. 

        Accredited Data Recipients (ADRs) who are providing products or services under Open Banking must comply with privacy and security requirements and be accredited by the Australian Competition and Consumer Commission (ACCC).

      • It is entirely your choice if you wish to use Open Banking. Open Banking requires you to sign in using your Internet Banking credentials to authorise any sharing of information. If you change your mind you can revoke your authorisation to share data with ADRs at any time using your data sharing dashboard accessed through your Internet Banking.

      • You may ask us to share your RAMS consumer data, or other consumer data you have given us permission to collect, in order to get a banking product or service from another organisation, such as another bank. 

        For example, if you apply for a loan with another bank and they request to see data on your RAMS savings account as part of their assessment, you can give us permission to share your RAMS consumer data relating to that savings account with them if they are accredited to receive data by the ACCC. 

      • To start the consent process, you will need to visit the Open Banking consent portal of the Accredited Data Recipient (ADR) you wish us to share your data with.  This ADR may be another bank or fintech. Once you have granted your consent to the ADR to collect data on your behalf through their consent portal, you will be connected to RAMS, where we will ask you to authorise us to share your data with the ADR.

      • Under the Consumer Data Right, we will only share your RAMS consumer data with another organisation if you give us permission to do so. 

        You can use your data sharing dashboard in myRAMS Internet Banking to track all the permissions you have given to us to share your data. We will always notify you via the data sharing dashboard as soon as practicable after sharing your data.

      • You may withdraw your permission for us to share your consumer data on any account at any time by using your data sharing dashboard through myRAMS Internet Banking. 

        Once your permission for us to share your data has been withdrawn, we will no longer share your data and will provide you with a notice of this as soon as practicable.  

      • Your data sharing dashboard on myRAMS Internet Banking will show you all your active consents and also any previous consents that you have provided, which have expired or been revoked or cancelled.

      • When creating your consent, you can select how long you would like it to stay active. A consent may be for a one time share or you may select a period of up to 12 months. The maximum time limit for consent to remain active is 12 months, before it will expire. If you would like to continue sharing data once it has expired, you will need to create a new consent. 

        You may choose to create more than one consent or different consents for different accounts, depending on the information you wish to share and the length of consent you would like to give. 

        Some Accredited Data Recipients (ADRs) may also allow you to amend an active consent on your data sharing accounts. By visiting the ADR’s app, you may have the option to extend a consent or change the accounts within the consent. This can only be activated through the ADR.

      • At this stage RAMS is not receiving Open Banking data from other banks. Ultimately Open Banking should result in customers getting better access to products that meet their needs. We are excited about the possibilities from Open Banking and over time we expect to allow customers to use Open Banking to more easily bring their banking data from other banks to RAMS. In the meantime, your RAMS banker is able to discuss suitable products with you and assist with data required from other financial institutions to support your needs.

      • As RAMS launches services that make use of Open Banking, we will provide information to help customers use these services including transferring their Open Banking data from other banks to RAMS. We will continue to update this internet page with updates as further data sharing services become available.

  • Consumer Data Right (CDR) Policy

    RAMS is a member of the Westpac Group.  The Westpac Group CDR Policy provides information about how RAMS manages data under the Consumer Data Right. 

    Consumer Data Right (CDR) Policy (PDF 1MB)

    List of Accounts

    This document provides a list of all RAMS accounts eligible for data sharing through Open Banking.

    For Developers interested in using the Product API

    For information on Error Mapping