What is Open Banking?
Open Banking is part of the Australian Government’s Consumer Data Right (CDR) and is the secure way to give organisations access to your banking information. You have control over how your data is used, and to whom it is given.
Who can I share my information with?
Open Banking gives you the ability to share your banking information with organisations that have been accredited by the Australian Competition and Consumer Commission (ACCC).
Can I share my information held with MyLife MyFinance?
The CDR is progressively being rolled out across all Australian deposit-taking institutions (ADIs). We are required to enable the sharing of your data by 1 July 2021. Your data will only be shared when you consent to it being shared.
Our Product API covers openly available MyLife MyFinance products, with details on their features, rates and fees. It currently includes transaction accounts, savings accounts, and term deposits, with more products to come in later phases.
You can find more information about Open Banking on the Australian Banking Association’s website. And of course, our team is also here to help. If you have any questions, simply call us on 03 9629 4484 (8.30am – 4.30pm EST/EDT Monday – Friday).