Open Banking, part of the Consumer Data Right, gives customers greater control over their banking data and how it is used. It allows you to share your financial information (such as your transaction history and account balances) with accredited third parties (such as other banks or financial institutions) and is designed to make it easier to aggregate your financial information across multiple financial institutions for budgeting, to apply for banking products or to switch accounts.
Our Consumer Data Right policy describes how we manage data under the Consumer Data Right.
For further information on the Consumer Data Standards, please refer to the Consumer Data Standards website and the ACCC Consumer Data Rights webpage.
You can request access to your CDR Data at any time directly, or you can authorise an accredited party to do so on your behalf.
To initiate data sharing you will need to consent to the process starting with an Accredited Data Recipient such as another bank, financial institution, website or App.
Through their data sharing portal, you will be connected to our Qudos Bank portal to provide consent.
We will authenticate you and prompt you to authorise Qudos Bank to share your data. You cannot initiate the sharing of your Qudos Bank data from us without first providing consent to the Accredited Data Recipient.
Joint account data can also be shared at any time. When joint account data is shared, joint owners will be notified by email.
Organisations must adhere to high security standards to collect and use your Qudos Bank data and only those accredited by the ACCC can participate in Open Banking.
View a list of accredited recipients - https://www.cdr.gov.au/find-a-provider
You can share your customer data, account data, and transaction data held by Qudos Bank.
The following accounts are available for sharing data:
We’ll be making more consumer data available in the future.
We will only disclose CDR Data to an accredited party if you have authorised us to do so.
We will only disclose CDR Data as required under the CDR regime or to otherwise comply with the law. We will not accept any requests for disclosure of voluntary data.
Yes, there are strict rules and security protocols in place to protect your information.
Strict accreditation criteria
To request access to your data through open banking, third parties must be accredited by the Australian Competition and Consumer Commission (ACCC). They have set strict accreditation criteria, as well as privacy and information security standards.
One-time password verification
If you consent to share your banking data with an accredited data recipient, a one-time password will be sent to you via email to your registered email address to help identify you.
Once your details have been authenticated, your data will be transmitted to the third party through a secure connection. This connection is governed by strict terms and conditions defined by the ACCC on how your data must be secured.
Open Banking requires you to sign in using your Online Banking credentials to authorise any sharing of information. If you decide to stop sharing your data, the accredited data recipient will give you the option to delete your data from their records. If you don’t choose to have it deleted, or in cases where it can’t be deleted, the accredited data recipient will delete any identifiable data.
Additionally, you can also stop a data sharing arrangement via Online Banking.
This way we will send a request to the Accredited Data Recipient to delete or de-identify the data.
Data from joint accounts can be shared by any of the account owners. When data is shared, all of the joint owners are notified by email.
Any of the joint account owners can choose not to share data from joint accounts by following the process below:
Any of the joint account owners can re-enable sharing for joint accounts by following the process below:
Joint owners will be notified via email to approve data sharing for the joint account.
All joint owners need to approve the data sharing before sharing is enabled.
A nominated representative is a person appointed to manage data sharing arrangements on behalf of the non-personal account.
They will need to be registered for Online Banking and Qsafe.
The nominated representative(s) are then able to grant, amend, manage and view consents for data sharing.
The Qudos Bank Open Banking Product APIs enable third parties to access information about the products that we currently offer. Our Product APIs have been developed in accordance with the Consumer Data Standards and includes the following products:
Our Product APIs have been developed in accordance with the Consumer Data Standards.
Obtain a list of the Qudos Bank products that are currently on offer in the market.
To learn more about the API Specifications for Open Banking Product APIs, go to the Consumer Data Standards Australia website.
Obtain detailed information on a specific Qudos Bank product offered in the market.
Learn more about the API Specifications for our Product Details API at the Consumer Data Standards Australia website.
If you are experiencing any technical issues with the APIs, please email [email protected] with the details