Open Banking is an evolution for the Australian finance industry which will make banking simpler and more transparent for customers.
It is designed to give you greater control of your banking data and make it easier for you to do things like compare or switch between banks, products or services.
The Australian Federal Government has set different timelines for major banks and other financial institutions, including Newcastle Permanent. Our team are currently working on Phase 1 to share generic product information such as interest rates, fees and features of our deposit accounts with other organisations.
We won’t start the sharing of consumer data such as transaction history, payments and other account details until mid-2021.
© Commonwealth of Australia