What is Open Banking?
Open Banking gives you, as a Westpac customer, the ability to share your banking information with other parties you trust, including other banks, online.
What is the Consumer Data Right?
On 9 May 2018 the Government announced its intention to introduce a new Consumer Data Right in Australia. Put simply, the Consumer Data Right puts control of your data in your hands. In relation to banks, the Consumer Data Right is referred to as “Open Banking”.
When does Open Banking launch?
From 1 July 2019 information about our deposit and transactions, credit and debit card products including rates, fees and charges will be available. This will allow fintechs and other third parties to gain access to this information in a programmatical way. By using this information, third parties will be able to make comparisons of products and prices across the market.
It is expected that Westpac customers will start getting access to share their data in early 2020 starting with information about their deposit and transactions, credit and debit card accounts. Over time other accounts including home loans and personal loans will also be available
Why is Open Banking good for customers?
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 trusted third-party providers (TPPs). This will give you access to products and services that suit your needs.
Is Open Banking secure?
Westpac 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 online banking.
Any third-party who are providing services by Open Banking must comply with privacy and security requirements and be accredited by the Australian Consumer and Competition Commission (ACCC).
Can customers opt out of Open Banking?
It is entirely your choice if you wish to use Open Banking. Open Banking requires you to sign in using your Internet Banking passwords to authorise any sharing of information. If you change your mind you can revoke access to your data from TPPs at any time using Westpac Live.
For Developers interested in using the Product API please access more information here