Open Banking

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 are able to share some of their customer details, account information and transaction history for some accounts with an Accredited Data Recipient.

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.

Open Banking for Bank of us business customers

If you are a Bank of us business customer, you will need to contact us to set up a nominated representative to allow sharing of data via Open Banking. 

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   

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