Open Banking.

The Australian Government passed the Consumer Data Right (CDR) in 2018, giving customers greater access to, and control of, the data associated with the products and services they use.

Open Banking is the first phase of the CDR, which will allow for consumers and businesses to consent to transfer data held about the products and services they use to third parties – allowing greater competition in the banking sector.

Energy and telecommunications sectors will apply the CDR after Open Banking.

As a Beyond Bank customer, you can share your data dating back to 1 January 2017.

You can stop sharing your data at any time following these simple steps.

1. Login to Internet Banking using your Beyond Bank member number and password.
   Please note: you are unable to stop sharing in the Mobile App. This must be completed via Internet Banking.
2. From the main menu, click on Services, then Sharing. You will then be taken to a list of your Open Banking sharing arrangements.
3. Select the organisation that you would like to stop sharing data with.
4. Scroll to the bottom of the page and click Stop sharing.
5. Confirm the details are correct and click Stop sharing again.

If you get stuck and need help, please call us on 13 25 85 and we can assist you.

A Beyond Bank Customer can share their data with a registered Accredited Data Recipient. Click the link below for a list of registered Accredited Data Recipients:

https://www.cdr.gov.au/find-a-provider

Yes - You can share data from your joint account. You will need to send a request to the joint owner, who will approve or decline the sharing request.

You can check your sharing arrangements in Internet Banking by doing the following:

1. Log into Internet Banking (online.beyondbank.com.au)
2. Click Services then click Sharing in the top menu.

You need to request for a joint account to be shared by the joint owner. 

1. Login to Internet Banking using your Beyond Bank member number and password. 
2. From the main menu, click on Services, then Sharing. You will then be taken to a list of your accounts.
3. Locate the account you would like to share data for and click Enable. Confirm this is the correct account by clicking Enable Sharing. 

An email will be sent to the joint owner requesting approval of the sharing request. Once approved, follow the steps above under Sharing your data. 

Safety and security of your data and your money is our primary concern. Open Banking gives you complete control of how you want to choose to share your information.

Data will only be shared with accredited third parties once you have authorised it. After you’ve authorised a third party to access your data, you can revoke that access at any time and ask for your data to be deleted.

Any party sending or receiving data under Open Banking must meet particular obligations by the Australian Competition and Consumer Commission (ACCC) and the Australian Information Commissioner (OAIC), both of which have strict accreditation criteria when it comes to privacy and accessing and storing data. 

Don’t need to be accredited to send data (data holder) but do have to meet CDR obligations.

It’s a safe and secure way to get all the data you need to make an informed decision about the right banking products for you. You’ll never need to give your internet banking login details to third parties should you wish to share customer, account or transactional data with them.

Open Banking aims to increase competition in the financial services sector, making it easy for you to compare and switch between products and services offered by accredited third parties.

Non-major banks, building societies and credit unions – like Beyond Bank – are required to share product reference data by 1 October 2020. The major banks have been sharing product reference data since July 2019.

Where a customer has requested it, major banks will be required to share data to accredited data recipients from 1 July 2020. This includes:

• Customer data
• Account data
• Transaction data
• Product Specific data

Nothing. Beyond Bank will commence sharing the first phase of customer data from the mandated date of 1 July 2021. From 1 July 2021, you’ll be able to authorise an accredited third party to access data about your accounts with us if you wish.

Check out the Australian Competition and Consumer Commission’s website for more about Open Banking the Consumer Data Right.