What is Open Banking?

Open Banking is part of the Consumer Data Right framework legislated by the Australian Government. It is designed to give individuals and small businesses greater control over their banking information, more choice in their banking, greater ability to manage their money and more confidence in the use and value of their data.

What does it mean for Bank of us customers?

Bank of us customers will be able to share some of their customer details, account information and transaction history for some accounts with an Accredited Data Recipient.

Open banking is currently only available for personal customers and a solution for business customers is being developed.

Our Consumer Data Right policy contains important information about what data is available for you to share, how to go about sharing your data and the steps to make a complaint.

Where can I get more information?

Checkout the following websites for more detail about Consumer Data Right and Open Banking.

Consumer Data Right

Office of the Australian Information Commissioner   

Sharing your data

The step by step process 

  1. Give consent You give permission for the provider to access your personal data. This will be on the provider’s website or app. 
  2. Identity check You will be redirected to a Bank of us website where your identity is verified using your Bank of us Internet Banking login and a One Time Password.
  3. Digital link Once your identity is confirmed you will be able to confirm and authorise the data and accounts that you’d like to share.
  4. Data is shared between providers Data is then transferred to the prospective provider in a machine-readable format.
  5. Start using provider’s service You can then start using the accredited provider’s service. For example, if you’ve decided to share your data with a comparison website, you’ll be ready to receive accurate quotes and product comparisons based on your real data.
  6. Manage your sharing consents You’ll be able to see and manage the data you’ve consented to share and can withdraw consent at any time through Internet Banking.

Product API

Open Banking Product API (Application Programming Interface) enables third parties to retrieve information about our products including: 

  • Everyday Transaction Accounts
  • Savings Accounts
  • Term Deposits
  • Credit Cards    
  • Home Loans
  • Personal Loans

It is designed and documented to support the Australian Consumer Data Standards.

How to access our API:

Product details including conditions, rates and fees may change from time to time without notice. Please refer to bankofus.com.au for the most up-to-date product details.

The Get Products API is located at the following URL:

https://api.bankofus.com.au/Op...

Accessing your Consumer Dashboard?

Using Internet Banking

  1. Log into Internet Banking with you Internet Banking login ID and password.
  2. From the navigation menu click Accounts and select Data Sharing from the drop-down list

Using the app

  1. Log into the app
  2. Select View accounts button and click the hamburger (3 stacked horizontal lines) from the top left.
  3. Then select Additional Services and the Open Banking button.

How to stop sharing your data?

  1. Navigate to your Consumer Dashboard. See Accessing your Consumer Dashboard for more details.
  2. Select Current Data Sharing Tab.
  3. From the list of accredited third parties displayed; select the Stop button of the Data Sharing arrangement you wish to stop.
  4. Confirm the details are correct and select Confirm.
  5. Either choose Close or View History from the confirmation window.

Reviewing Data Sharing Arrangements?

You can review current and historical data sharing arrangements from your Consumer Dashboard. See Accessing your Consumer Dashboard for more details.

  • Current Data Sharing
    • From here you can see all active data sharing arrangements on any of your accounts
  • History (for revoked and expired data sharing arrangements)
    • From here you can see all revoked or expired data sharing arrangements

    Expanding the consent from the list via the ‘v’ drop down on the right, will display information and controls data sharing arrangements.

    • Data clusters shared
    • Data access history
    • For Active consents you can remove specific accounts by clicking Stop Sharing next to the account to stop sharing, then Confirm then Close
      • You will see the account status is changed from Active to Approval Withdrawn
    • For Active data sharing arrangements, you can stop them at any time. See How to stop sharing your data for more details.

    Joint Accounts

    When authorising, amending, or revoking a data sharing arrangement the other account holders will be notified that you have completed an action on the joint account.

    At any point in time, you can manage data sharing arrangements created on your accounts (authorised by you or other account holders), see Reviewing Data Sharing Arrangements for how you can review and manage your data sharing arrangements.

    Joint Account Service

    By default, any joint account holder can authorise Data sharing on the account, as the disclosure status is Pre-Approval.

    To change the disclosure status for an account, navigate to your Consumer Dashboard. See Accessing your Consumer Dashboard for more details.
    Selecting Joint Account Service.

    For the account you wish to change the disclosure status on, choose either No or Yes and then confirm.

    • Changing the disclosure status to Yes will notify other account holders that you have proposed to reinstate the Pre-Approval option and will require all account holders to approve the change before data sharing can be authorized again.

    Secondary Users

    Users with a relationship to an account that are not the primary holder/s can be added to an account as a Secondary User.

    A Secondary User can access and manage data sharing on your behalf and will continue to have access until you revoke their Secondary User status.

    You can manage Open Banking Secondary Users via your Consumer Dashboard. See Accessing your Consumer Dashboard for more details.

    1. Select Secondary User Permissions tab, here you can manage secondary users
    2. Select your Secondary User from the dropdown menu to manage their permissions
    3. Pick Yes or No on each account you would like the secondary user to manage data sharing on
    4. Click Save
      • Then select Confirm to authorise the changes
        Or
      • Select Cancel to discard your changes

    Manage Notifications

    You can manage the notifications you receive around Open Banking.
    Navigate to your Consumer Dashboard. See Accessing your Consumer Dashboard for more details

    Then go to Manage Notifications

    First you can select for which accounts you receive notifications
    Then you can choose the frequency of which you receive the notifications
    Then you can choose the delivery method/methods on which you want to receive notifications

    • **Notifications will only be delivered to the first identified delivery method.

    Select Save to save the changes you have made to you notification preferences

    Frequently Asked Questions

    What data can be shared via Open Banking?

    The following data can be shared under Open Banking:

    • account list
    • transaction list and details
    • account balances
    • direct debits
    • scheduled payments
    • payees
    • customer details (only authorising user details will be shared)

    Is Open Banking safe to use?

    Yes, Open Banking is regulated by the Australian Competition and Consumer Commission (ACCC) and there are strict rules and security protocols in place to protect you information.

    Will I give my password to a third party?

    Giving your Internet Banking password to a third-party, breaches the Internet Banking terms and conditions and is never required for Open Banking

    There are different types of data sharing methods, such as screen scraping (using your Internet Banking login name and password) and Open Banking (using a one-time password)

    When you use Open Banking, you won't use your Internet Banking password to authenticate yourself. A one-time password will be sent to your phone instead.

    Both methods currently exist, so it’s worth identifying which method the third-party is using before continuing to share your data.

    Can anyone use Open Banking?

    You must meet the following criteria to be eligible to use Open Banking:

    • Be 18 years old or over
    • Have a valid mobile phone number (used for One-Time-Password Authentication)
    • Own at least one publicly offered banking product that is accessible online
    • Have an Internet Banking login

    Open banking is currently only available for Bank of us personal customers and a solution for business customers is being developed.

    I’m a vulnerable person, what should I do?

    If you are a vulnerable person and are concerned about data sharing because it may result in physical or financial harm, or you wish to prevent data sharing from ever happening on your accounts please visit us at your nearest retail store or call us on 1300 306 716 during business hours.