When will Open Banking be available?
Open Banking is being 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.
As part of the next phase, account and transaction data will be provided for savings and transaction products. Lending and credit products will follow next, and then business and commercial products, overdrafts and pensioner or retirement accounts. Sharing of this information will start to roll out throughout the second half of 2021.
Collecting this data has been mandated by the Australian Government, but will not be shared with any other financial institution until you provide your consent.
Right now this is only for individual accounts, but joint accounts will be linked in the future.
From early in 2022, you’ll be able to share information from other financial institutions with P&N if you choose, and view them all in our companion app (coming early 2022).