What is Open Banking?
Open Banking gives you, as a Westpac customer, the ability to share your banking data with other parties you trust, including other banks, online.
What is the Consumer Data Right?
The Consumer Data Right is a law which provides eligible individuals or organisations with the right to request access to generic data relating to banking products and services that we offer (product reference data), as well as request data relating to the products and services that relate to you as an individual or business (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”.
What's New for Open Banking?
We are pleased to announce that Westpac 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.
Open Banking data sharing has been enabled for savings and transaction accounts, debit and credit accounts, mortgage and personal loan accounts, business accounts as well as closed accounts.
Data sharing for joint accounts with two account holders is now also available for in-scope products. To support this, we have introduced a new joint account management service to help both account holders to approve and enable data sharing. You can use the joint account management service to enable a joint account for data sharing and manage your joint accounts through the data sharing dashboard on Westpac Live.
From 1 November 2021, eligible non-individual (Organisation) customers will be able to share in-scope data via Open Banking. To share data with an ADR, eligible Organisations must first activate a “data sharing authority” for their business networks. For new business networks established from 1 November 2021, this data sharing authority will be activated by default. For business networks that existed before 1 November 2021, Organisations can activate a data sharing authority by completing an Open Banking Data Sharing Authority form. Once an eligible Organisation has an active data sharing authority, the existing business network administrators for that Organisation will be able to nominate network users from the business network as representatives to grant, amend and manage data sharing consents for in-scope products on behalf of the Organisation (Nominated Representatives).
Frequently Asked Questions
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 Accredited Data Recipients (ADRs). This will give you access to products and services offered by ADRs that may suit your needs.
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.
Accredited Data Recipients who are providing services by Open Banking must comply with privacy and security requirements and be accredited by the Australian Competition and Consumer Commission (ACCC).
It is entirely your choice if you wish to use Open Banking.
For personal customers, Open Banking requires you to sign in using your Online Banking credentials to authorise any sharing of information. If you change your mind, you can revoke your authorisation to share data with ADRs at any time using your data sharing dashboard on Westpac Online Banking.
For business customers, Open Banking requires a Nominated Representative to sign in using their Online Banking credentials to authorise any sharing of information (see “What’s New for Open Banking” above for more information about data sharing authorities and Nominated Representatives). If you change your mind, your Nominated Representative(s) can revoke consents for sharing your data with ADRs at any time, using the data sharing dashboard on Westpac Online Banking.
Business customers with an active data sharing authority can also disable this authority at any time by completing an Open Banking Data Sharing Authority form. Once the data sharing authority is inactive, business network administrators cannot manage data sharing on behalf of their Organisation, including creating Nominated Representative(s) to grant, amend and manage consent to share data. Once disabled, business network administrator(s) will need to complete the Open Banking Data Sharing Authority form to re-activate the feature.
You may ask us to share your Westpac consumer data, or other consumer data you have given us permission to collect, in order to get a banking product or services from another organisation, such as another bank.
For example, if you apply for a loan with another bank and they request to see data on your Westpac savings account as part of their assessment, you can give us permission to share your Westpac consumer data relating to that savings account with them if they are accredited to receive data by the ACCC.
We will only share your Westpac consumer data with an Accredited Data Recipient (ADR) if you give us permission to do so.
For personal customers, to start the consent process, you will need to visit the Open Banking consent portal of the Accredited Data Recipient (ADR) you wish us to share your data with. This ADR may be another bank or fintech. Once you have granted your consent to the ADR to collect data on your behalf through their consent portal, you will be connected to Westpac, where we will ask you to authorise us to share your data with the ADR.
For business customers, your Nominated Representative(s) will need to visit the Open Banking consent portal of the ADR you wish us to share your data with (see “What’s New for Open Banking” above for more information about data sharing authorities and Nominated Representatives). The business network administrator can manage Nominated Representatives through the Administration module on Online Banking. An Organisation must have at least one active Nominated Representative before we can share data with an ADR.
Under the Consumer Data Right, we will only share your Westpac consumer data with another organisation if you give us permission to do so, unless required by law.
You can use your data sharing dashboard in Westpac Online Banking to track all the permissions you have given to us to share your data. For business customers, Nominated Representative(s) can access this data sharing dashboard to track all permissions they have given to us to share data on your Organisation’s behalf. We will always notify you via the data sharing dashboard as soon as practicable after sharing your data.
You may withdraw your permission for us to share your consumer data on any account at any time by using your data sharing dashboard through Westpac Online Banking.
Once your permission for us to share your data has been withdrawn, we will no longer share your data and will provide you with a notice of this as soon as practicable.
For business customers, Nominated Representatives may withdraw permission for us to share your consumer data on any account at any time by using the data sharing dashboard through Online Banking.
Your data sharing dashboard on Westpac Online Banking will show you all your active consents and also any previous consents that you have provided, which have expired or been revoked or cancelled.
For business customers, only Nominated Representatives have access to view any active and archived consents that have been provided. All Nominated Representatives will view the same dashboard and can revoke or cancel a consent regardless of which Nominated Representative granted or amended the consent.
When creating your consent, you can select how long you would like it to stay active. A consent may be for a one-time share, or you may select a period of up to 12 months. The maximum time limit for consent to remain active is 12 months, before it will expire. If you would like to continue sharing data once it has expired, you will need to create a new consent.
Some Accredited Data Recipients (ADRs) may also allow you to amend an active consent on your data sharing accounts. By visiting the ADR’s app, you may have the option to extend a consent or change the accounts within the consent. This can only be activated through the ADR.
You may choose to create more than one consent or different consents for different accounts, depending on the information you wish to share and the length of consent you would like to give.
Data sharing for eligible joint accounts with two account holders has been introduced for Open Banking. To support this, we have introduced a new joint account management service to allow both joint account holders to approve and enable data sharing. You can use our joint account management service to manage data sharing for your eligible joint accounts.
You can access our joint account management service through the data sharing dashboard in Westpac Online Banking, and ‘elect’ an eligible joint account for data sharing. This step must be completed before you can share data for the account. The other joint account holder will also need to approve the election, then follow the consent process with the Accredited Data Recipient (ADR) to share data relating to the account.
At this stage Westpac is not receiving open banking data from other banks. Ultimately Open Banking should result in customers getting better access to products that meet their needs. We are excited about the possibilities from Open Banking and over time we expect to allow customers to use Open Banking to more easily bring their banking data from other banks to Westpac. In the meantime, your Westpac banker is able to discuss suitable products with you and assist with data required from other financial institutions to support your needs.
As Westpac launches services that make use of Open Banking, we will provide information to help customers use these services including transferring their Open Banking data from other banks to Westpac. We will continue to update this internet page with updates as further data sharing services become available.
If your business network was registered before 1 November 2021, your business network owner(s) will need to complete and submit the Open Banking Data Sharing Authority form to activate the feature for the network. This process authorises business network administrators to nominate themselves and/or other business network users to grant, amend and manage consents for data sharing on behalf of the Organisation (Nominated Representatives).
For business networks registered after 1 November 2021, or for existing business networks that have opted in via the form, the Open Banking data sharing feature will be activated for your business network. Business network administrators will be able to create Nominated Representatives to grant, amend and manage consents for data sharing on behalf of the Organisation, within the ‘Administration’ menu on Westpac Online Banking.
A business network administrator can create a Nominated Representative by adding the ‘Open Banking data sharing permission’ to the access permissions of a business network user. Only users who have had their identity verified by Westpac can be authorised to share data as a Nominated Representative.
Business network administrators can also grant Nominated Representative authority to a user when they are adding a new user to their business network.
Nominated Representatives who have been created as described above will be able to share data on accounts eligible for data sharing on behalf of the Organisation.
A business network administrator can also revoke a Nominated Representative authority at any time by removing the ‘Open Banking data sharing permission’ through ‘Administration’ on Westpac Online Banking. Any active data sharing consents established by the Nominated Representative who has been removed will remain until the consent expires, unless revoked by another Nominated Representative.
Business customers may authorise one or more Nominated Representatives to share data on all accounts eligible for data sharing owned by the business network. This includes accounts closed within the last two years and/or accounts the Nominated Representative may not have access to currently within their Online Banking profile. Your business network administrator will have the ability to nominate and revoke this authority through ‘Administration’ on Westpac Online Banking.
All Nominated Representatives need to be identified by Westpac and have an active business network profile status. All Nominated Representatives will need to be registered for Online Banking and SMS Protect.
A Nominated Representative can grant, amend, manage and view an Organisation’s consents for data sharing.
Disabling a Nominated Representative’s authority to share data also removes their access to the data sharing consent dashboard. Any active data sharing consents created by the Nominated Representative will remain active until the consent expires. Another Nominated Representative within the business network may revoke the consents at any time.