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BSB 806 015

Open Banking

Introducing Open Banking

Open Banking is a new initiative in the Australian Banking industry. Open Banking will allow you to manage your banking across a number of banks and compare products and services between different banks and financial institutions.

You may have seen some third-party services in the market today, which allow you to view all your bank accounts across different banks in one place. Open Banking will act in a similar way, but much more securely – you won’t need to connect your internet banking to share your banking information.

As part of Open Banking, the Consumer Data Right (CDR) – will allow you to more easily compare products and pricing by using your real data, rather than estimates or having to fill out forms, help manage your budget and stay on top of your accounts across banks, and make it easier to apply for loans or products.

Open Banking gives you choice, control and convenience, and as an opt-in service, sharing your data securely is completely in your hands.

What is Open Banking?

Open Banking gives you the ability to share your banking information with other accredited parties online via a simple, easy to use and automated process.

Open Banking makes it easier for you to manage, compare and switch banking products and services.

Consumer data rights explained

Open Banking is provided and governed by the Consumer Data Right (CDR) legislation, introduced by the Australian Government to give consumers more control over their data and make it easier to:

  • compare products and services;
  • access new and improved services

CDR is starting with banking, but may  soon cover utilities as well.

It enables consumers to share their data with accredited providers via a simple, secure and easy to use and secure automated process.

Sharing your data

You’re in control of your data at all times, and can choose to share as much or as little as you want.

To be able to share your data, you’ll need to be over 18 years of age, be the owner of your account, or have authority to operate on that account, and you must be the sole owner of that account – joint accounts will be coming soon.

You can share as much or as little information as you want to. You can choose to share account balances, the type of account and transaction information, including the transaction amount, date and the description. Transaction information can be used to build a picture of your spending, by grouping transactions into categories like “rent”, “groceries” or “entertainment”.

Consenting to share your data

Here’s how to provide your consent to share your data with a service provider:

  1. Check your data recipient status, to make sure they are ready to collect your data.
  2. The third party will ask you which bank your accounts are with and what data you’d like to share – remember, you can see and manage this at any time.
  3. Once you select us, a P&N webpage will load where you provide your member number.
  4. You’ll need to verify your identity, using a one-time password. This is provided by P&N displayed in you P&N app. If you are not currently registered to use the App it will be sent via email or you can generate an OTP (see how in the FAQ below).
  5. Review the request
  6. Provide Consent to share
  7. Select accounts which account you want to share data for
  8. Confirm

Once you’ve provided your consent, your data will then be shared with the prospective provider, and you can use the provider’s service.

For example, this might be loading your data into P&N’s companion app (powered by Frollo) or another bank’s app, or a third-party comparison website.

You’ll be able to see all your shared banking information in one place, and receive accurate quotes and product comparisons, based on your real data and actual circumstances.

Authentication to share data with third party screenshot

Authentication to share data with third party screenshot

Approve sharing request screenshot

Approve sharing request screenshot

Approve sharing request screenshot

Withdrawing your consent

You can also withdraw your consent to share your data at any time. Follow these steps to remove a service:

  1. Login to Internet Banking and navigate to Services > Sharing. A list of existing or previous data sharing agreements will display.
    1. Select “sharing” of the agreement you wish to withdraw your consent from.
    2. Scroll the bottom and select “withdraw”.

Privacy and Security

Your privacy and security are our highest priority. P&N Bank has comprehensive security measures in place to ensure your accounts and personal information are protected from unauthorised access. 

Your privacy is also protected by our Privacy Policy, which can be found at pnbank.com.au/legal/privacy/.

Information and support

Helpful links

To find out more about Australia’s Consumer Data Right, visit the ACCC website at https://www.accc.gov.au/focus-areas/consumer-data-right-cdr-0 or https://www.cdr.gov.au/how-it-works.

What is available as a part of Open Banking?

Open Banking has been rolled out in multiple phases.

The first phase required banks to share product data only – such as the product names and features held by P&N Bank, and is already complete. No member data was shared as part of this phase.

The next phases, are also available and include account and transaction data for savings and transaction products, lending and credit products, business and commercial products, overdrafts and pensioner or retirement accounts.


Frequently asked questions

  • I have accounts with another bank, when can I share this data with P&N?

    Soon. P&N has partnered with fintech company Frollo and will launch a companion app in early 2022. When the app is available, you’ll be able to bring together your data from other financial institutions and third parties, to view them all together in the app. We will be posting more information about this soon.

  • Where can I see what data I have shared?

    At this stage you can view this through Internet Banking.

    To view your data, navigate to Login > Services > Data Sharing to show a list of your existing or previous data sharing agreements.

    To display more information about the data sharing agreement select “Sharing”/”Withdrawn”.

    Your data in only shared as part of an active data sharing agreement, and you can withdraw your consent to share your information at any time.

  • What kind of data is available to share?

    You can share as much or as little information as you want to. You can choose to share account balances, the type of account and transaction information, including the transaction amount, date and the description.

  • I do not want to share my information with other banks, can I opt out?

    Sharing your data is entirely your choice. If you are offered a product or service that requires you to share your data, the decision to proceed, or not, will always be yours. We’ll never share your data without your consent.

    You can also choose to opt out of sharing your data at any time.

  • Do I have to share my Internet Banking password?

    No, you’ll never need to give your Internet Banking password to a third party. If you have chosen to share your banking data with an accredited third party, a one-time password will be sent to you via SMS to your registered phone number to help identify you.

  • How do I generate a One Time Password (OTP)?

    To generate an OTP, after providing your member number, login to Internet Banking and you’ll be prompted to send an SMS to verify your identity. Input your SMS code and once validated you’ll be able to generate an OTP.

    OTP-process.jpg
    OTP-process-2.jpg
     
    OTP-process-3.jpg
    OTP-process-4.jpg
  • Are there any fees for sharing my data?

    No, there are no fees for sharing or accessing your data, either by us or by another accredited third party.

    Under the Consumer Data Right legislation, you will not be charged for sharing or accessing your data either by us or by accredited third party.

  • How can I share data on a joint account?

    At this stage, joint accounts cannot share their data. This feature is coming in the future.

  • How can I make a complaint?

    If you have a concern or complaint, please contact us on 13 25 77 or visit your nearest branch. We’ll aim to resolve your issue on your first point of contact.

    Find out more about our complaints resolution process.

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