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 you can find out more here.
Consumer Data Sharing
Consumer Data Sharing (CDS) is the ability to share your data about banking products, balances and transactions with accredited third parties that you have provided permission to receive this information. This will start with your personal details and things like the balances and transactions that you have made on your savings, transactions, and term deposit accounts.
Product Reference Data
Product Reference Data (PRD) is information about term deposits, savings accounts, transactions, loans and credit card products and more.
The PRD requirements commenced on 1 October 2020 for non-major banks and Cairns Bank now provides this product information through the Open Banking system.
Security
As always, our priority is protecting your privacy and information.
We will have strict requirements for collecting, accessing, storing and sharing your information to ensure your data remains safe.
You will remain in control of your data, including who can have it and how it is used. Part of the process is establishing new privacy safeguards such as consent requirements. 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 will be able to instruct Cairns Bank to stop sharing your data with other parties under the CDR at any time.
Futher information
For more information about the Consumer Data Right (CDR) visit the Australian Competition and Consumer Commission website or contact our branch.
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