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Open Banking

What is it and how can you benefit?

Open Banking is a new system that makes it easier for consumers to share their banking and financial data with organisations accredited by the Australian Competition and Consumer Commission.

Developers can view our Open Banking product API by clicking the button.

Open Banking overview

In August 2019, the Australian Government passed Consumer Data Rights (CDR) legislation, giving consumers and small businesses new rights over their personal data. CDR paved the way for Open Banking, which allows consumers to share their financial data with accredited organisations. This will make it easier to compare products and services, and switch between different financial institutions.

Easy Street is now a Data Holder under CDR

A data holder is an accredited CDR business that holds consumer data and must transfer the data to an accredited data recipient at the consumer's request. You can view our Data Holder Policy via the link below.
Simply put, if you have consented to share your data under the CDR, when an accredited data recipient requests your details to help you compare, switch or manage products or services, we will securely pass that information to them.

The choice is yours

It’s important to note that your data will only be used if you give consent for it to be. It is your choice whether or not you want to give a business access to your data and you can withdraw that consent at any time. You can also ask for data to be deleted if it is no longer needed.

Rest assured, the process is very secure, and those businesses who are involved have been through an accreditation process with the Australian Competition and Consumer Commission (ACCC) to ensure that they adhere to high standards.

Managing your data

Through your internet banking channel Easy Street now provides you with a Consumer Dashboard where you are able to review all your Data Sharing arrangements. You can also request us to stop sharing your data. This dashboard is available from within Easy Street Internet banking by clicking Accounts then Data sharing from the top menu.

What are the benefits?

Opening banking is still in its infancy. As the system matures, it is expected to provide a number of benefits including:

  • Being able to sign up more easily for new credit or debit cards
  • Making it easier to secure a loan
  • Accessing budgeting tools that let you track and plan your spending
  • Being able to switch between financial institutions more easily

Under Open Banking you will have control over who can access your financial data. Some of the data you may choose to share includes:

• Personal information such as your phone number, email and address

• Details of your account balances

• Information about your financial products such as the interest rate and fees

• Transaction details including amounts spent

Open Banking is starting small, and will steadily build over time. On 1 July 2020, Australia’s four big banks initiated Open Banking, allowing their customers to share details of their credit cards, deposit and transaction accounts. From 1 November 2020, consumers were able to share their data relating to home loans, investment loans and personal loans.

As Consumer Data Right grows over time, more providers are expected to become accredited including organisations in the energy sector. This will allow consumers to transfer data from their existing energy provider to a different provider or product comparison website to receive an accurate quote on services.

Under Open Banking your personal data remains very secure. The financial institutions and other accredited organisations involved in Open Banking need to follow strict security standards at all times.

We will keep our members updated in regards to Open Banking, and our participation in the system. Rest assured though, the decision to take part in Open Banking rests with you. It will always be your data, and your choice. 
You can find out more about Open Banking and the Consumer Data Right here.