What is open banking?
In July 2020, the Australian Competition and Consumer Commission (ACCC) introduced the Australian Consumer Data Right (CDR). This law gives you, the consumer, more control over your data. The banking industry is the first to apply the CDR, and this is commonly referred to as ‘Open Banking’.
This means you have greater control of your banking data (like your transaction history or account balances) and who has access to it. You will be able to choose what data you wish to share with other ACCC accredited financial institutions, such as banks or fintech businesses.
What does it mean for me?
Open banking gives you the ability to share your banking data safely with other providers and businesses which may help you compare or find products and services better tailored to your needs.
One of the purposes of Open Banking is to increase competition across financial services and allow customers to negotiate better deals and save money.
Is open banking safe?
Yes, there are strong privacy protections built into the system, which will be enforced by the Office of the Australian Information Commissioner (OAIC) and the Australian Competition and Consumer Commission (ACCC).
To request access to your data through Open Banking, third parties must be accredited by the Australian Competition and Consumer Commission (ACCC). They must meet strict accreditation criteria, as well as privacy and information security standards. Your SpendOne and SaveOne account data is managed by Westpac, who issue the accounts. This is why you will see Westpac’s Consumer Data Right Policy is provided by Westpac.
Westpac is committed to ensuring that your data is safe including via Open Banking.
Consumer Data Right Policy
To read more about the CDR policy and how to safely access and manage your data, see Westpac’s Consumer Data Right Policy.
Our Product API for Developers
Product reference data for SocietyOne is available at the following URL: api.cds.societyone.com.au/cds-au/v1/banking/products/
For further assistance contact the Open Banking Team at BaaSOpenBanking@westpac.com.au