Open Banking explained
In 2019, the Consumer Data Right legislation was passed in the Federal Parliament. This new law, which the banking industry refers to as “Open Banking”, delivers an important service to consumers by providing clearer choices and control over your personal information.
Consumer Data Right is an opt-in service which gives you easier access to the data stored about your banking product, making it simpler to compare products and services.
Open Banking will also allow you to easily and securely share your data between accredited data recipients, which can you find out more about here.
Timeline for implementation
Starting on September 30, 2020, Open Banking will give you easier access to generic information about term deposits, savings accounts, transactions, loan and credit card products and more.
From July 2021, you’ll be able to share your data about banking products, balances and transactions with accredited data recipients, such as other banks. Cairns Bank can work with you closer to this date to assist with this process.
As always, our priority is protecting your privacy and information.
We have strict requirements for collecting, accessing, storing and sharing your information to ensure your data remains safe.
You are in control of your data, including who can have it and how it is used, there will be new privacy safeguards such as consent requirements to enable this. These safeguards have been established by the Consumer Data Right legislation and adherence to those rules will be monitored and any breach can result in substantial penalties.
You can request Cairns Bank to stop sharing your data with other third parties at any time, or if a third party is retrieving your data, you can request to have it deleted.