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?
Open Banking has enabled mortgage accounts, personal loan accounts, business accounts as well as closed accounts for data sharing.
Joint accounts for two account holders are now also available for data sharing. 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.
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. Open Banking requires you to sign in using your Internet 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 Live.
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.
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.
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 Live to track all the permissions you have given to us to share your data. 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 Live.
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.
Your data sharing dashboard on Westpac Live will show you all your active consents and also any previous consents that you have provided, which have expired or been revoked or cancelled.
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 Live, 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.