What's Open Banking?

The Australian government has passed legislation, called the Consumer Data Right, which will give you greater access to and control over the data we keep for you. In the finance industry you may hear this called Open Banking.

As of 1 July 2019, information about some of CommBank’s products is available through a new Product API (Application Programming interface). This includes public information such as product rates, fees and Terms and Conditions across our deposits, transaction and credit card products. Other companies can use this information to compare bank products for their customers.

When Open Banking introduces consumer data sharing you will be able to authorise specific banking data to be sent to accredited companies so they can provide you with services based on this information. Before these companies can request access to your data, they’ll need to be accredited by the Australian Competition and Consumer Commission (ACCC). You’ll be in control of your data and can either request for CommBank to stop sharing the data with other companies, or for the companies receiving your data to delete it.

The first phase of consumer data sharing will go live in February 2020, including deposit, transaction and credit card products. At this time, individual customers will be able to share data such as your customer details, accounts information and transaction history to start with. Over time, more products will become available for sharing. 

Opening up new opportunities

Open Banking could change the way you compare products and services between companies and make it easier to find the best products and services for you. It may also open up exciting new features and services to help you manage your finances. 

Privacy & accreditation

Protecting your privacy

Protecting your information is a priority at CommBank. We have strict privacy and security requirements for accessing, sharing and storing information to ensure your data remains safe.

Under the Consumer Data Right legislation, your data will be protected by new privacy safeguards, which will keep you in control of your data and the specific purpose companies are using it for.

You’ll also be able to manage which data you share, cancel sharing at any time, and ask for your data to be deleted. 

Accredited companies

The ACCC is responsible for providing accreditation to participating companies. To become accredited they’ll need to adhere to certain security standards and requirements for collecting and using your data. 

Are you a developer?

Engineer new banking experiences for your customers with our APIs. We’re releasing API products for Customer, Accounts, Transactions and Payees soon.

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