Open Banking gives customers the ability to securely share their selected banking data with accredited third parties.
You can stop sharing your data by withdrawing the consent you have granted us to share it. Once you have done this, we will no longer share your data the next time the relevant Accredited Data Recipient (ADR) requests it. We will send a message to the ADR to advise them that you have withdrawn your consent to share data.
You can view your revoked and expired consents on the data sharing portal on myRAMS.
If you revoke your consent for us to share your data, you will not be able to reinstate it. If you would like to recommence data sharing, you will need to create a new consent with the ADR.
If you revoke your consent, this does not mean that the data we have already shared with the ADR will be deleted. You will need to contact the ADR to discuss what they will do with this data.
Open Banking commenced on 1 July 2021, with a number of eligible accounts available for data sharing. A full List of Accounts available for data sharing is available on our Open Banking page.
You will only be able to see the accounts that are eligible for Open Banking.
Eligible RAMS joint accounts are enabled for data sharing by default.
When a joint account is ‘enabled’ for data sharing, any account holder will be able to authorise consent to data sharing with an Accredited Data Recipient (ADR). When the joint account is ‘enabled’, any Open Banking data sharing authorisations created by one account holder are taken to have been pre-approved by all account holders. This means that any joint account holder can authorise RAMS to share data on the joint account with an ADR, without requiring further approval from any other joint account holder, when RAMS receives a valid data sharing request from an ADR in respect of that joint account. This is despite any existing banking authorities that apply to the joint account (e.g., 'more than one to sign', etc).
Any joint account holder can at any time view the joint account's data sharing option or change it to disabled through the online consent dashboard through internet banking in myRAMS. Once the data sharing is set to disabled:
(a) data sharing will cease for the joint account with respect to any existing data sharing authorisations;
(b) no joint account holder will be able to share data from that account;
(c) any subsequent request made on the online consent dashboard in myRAMS to enable data sharing on the joint account will need to be approved by all joint account holders within a specified period of time.
Joint account holders will always be notified whenever the data sharing status of the joint account changes.
There are several reasons why a joint account may not be eligible for data sharing and therefore, you will not be able to see or select the account for data sharing:
The account is not available for data sharing (check the List of Accounts available for Open Banking)
One or more joint account holders are not eligible for data sharing
How can I tell if a joint account has stopped sharing?
If a joint account is part of an active consent and one joint account holder decides to stop sharing data, then data will no longer be shared with the ADR for that account. Note that other accounts (if any exist within the consent) will remain active, unless the full consent is revoked.
When the joint account is stopped from sharing, there will be a message in the data sharing dashboard, when any other account holder views the consent. In the message, the word account will have a link. By clicking on the link, you will be able to view further details for that account about the data that has stopped sharing.