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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.

What is Open Banking?

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

What is the Consumer Data Right?

The Consumer Data Right is a law which provides eligible individuals, companies, and trusts with the right to request access to generic data relating to banking products and services that we offer (product reference data), as well as share data about eligible products and services that relate to you as an individual, company or trust (consumer data).

The Consumer Data Right puts control of your data in your hands. In relation to the banking sector, the Consumer Data Right is referred to as “Open Banking”. 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?

On 28 May, 2023 RAMS commenced the implementation of data sharing for solely owned accounts held by company and trust customers. Company and trust customers will be able to nominate one or more individuals, referred to as Nominated Representatives, to share data on behalf of the company or trust.

Company or trust customers will need to complete and return the RAMS Data Sharing Authority and myRAMS access form to establish a Nominated Representative who can grant, amend, and manage data sharing consents on their behalf.

All Nominated Representatives will be registered for myRAMS and SMS Security and have their own myRAMS  credentials. Company or trust customers will need to call us on 13 RAMS, that’s 13 7267 if they want to revoke or cancel Nominated Representatives. 

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

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.

Self-reported implementation gaps we’re rectifying 

To learn more about our implementation gaps, please see the table below: 

Implementation Gap Proposed Resolution Date  Status

1. Secondary User Indication Rules

Westpac Banking Group received guidance from the ACCC in a letter dated 26 October on the interpretation of rules concerning an account owner’s ability to restrict authorised Secondary Users from further data sharing for specific accredited persons.
Westpac Banking Group have delivered functionality that allows an account owner to stop continuing data sharing consents authorised by secondary users to ‘an accredited person’. This functionality is in place for all currently delivered scope.

TBC In progress

2.  GetMetrics Version 5

Westpac’s reporting of the new abandonment metrics is currently inaccurate. 

7 June 2024 In progress

3. Westpac is not providing error messages/redirects to Accredited Data Recipients in some circumstances where consumers do not complete the consent flow.

30 November 2024 In progress

To see the implementation gaps for Westpac Group, please check the ACCC rectification schedule  (under the section Major Data Holders, for Westpac).

FAQs - Open Banking

More information

For developers interested in using the Product API

The RAMS Open Banking Product API (Application Programming Interface) enables third parties to retrieve information about products that RAMS currently offers. 

Open Banking - Error Mapping

This page contains mappings between our custom error codes and the CDR standard error codes for our Open Banking APIs.