Open Banking is a new data sharing initiative introduced by the Australian government that has been designed with the intention to give you greater access to and control over your financial data.
As part of the Australian government's Consumer Data Rights Legislation, Open Banking provides a safe and secure framework for you to authorise accredited third parties, such as Financial Planners, Accountants or app providers, to access your financial information so that they can provide you with goods or services.
If you choose to give an accredited data recipient access to your data, they may be able to see things such as an overview of your bank accounts, your transactions, interest rates and/or the fees and charges you are paying. This could allow them to help you to better understand whether you're getting real value for money with your banking products.
How do I manage my Open Banking data sharing consent?
What data can I share from my Heritage accounts?
From 1 July 2021, you can consent to share specific data for your individual Personal and Credit Card Accounts. You can choose to share all this information, or only certain types of data.
Basic Bank Account Data
Bank Transaction Data
Bank Customer Data
In future releases, you'll be able to share more data such as information on joint accounts, direct debits, scheduled payments, your regular payees, recurring account and payment details and closed accounts.
How do I identify an accredited data recipient?
In this phase of Consumer Data Right, you can only consent to share your data with an accredited data recipient. When you authorise a new sharing consent through a third party, they must be accredited with the ACCC and meet certain rules and safeguards to access your data.
You can check the Register of Accredited Persons at cdr.gov.au at any time to confirm whether a business or person you are considering sharing your data with is accredited. Plus, all accredited data recipients are authorised to display the Consumer Data Right logo.
Once Open Banking is introduced Australia-wide it could change the way you compare products and services between banks.
From 1 July 2021, you can share your Basic Bank Account Data on individual accounts. You can manage this consent in your Consent Dashboard, accessible through Heritage Online and the Mobile Banking App.
In future releases, in accordance with the Australian Competition & Consumer Commission (ACCC) timeline, you'll be able to share more data such as information on joint accounts, direct debits, scheduled payments, your regular payees, recurring account and payment details and closed accounts.
At Heritage, protecting your privacy is our priority. We understand that giving a third party access to your banking data may seem a little daunting. Rest assured, Open Banking has privacy protections in place that will ensure your data is shared safely and securely. The protections include: