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.