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What is Open Banking?

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.

We launched Phase 1 of the open banking regime back in September where we commenced sharing product information on our Savings Accounts, Transaction Accounts, Term Deposits and Credit Cards. We have now launched Phase 2 product information which includes Personal Loans and Home Loans.

We won’t start the sharing of consumer data such as transaction history, payments and other account details until mid-2021.

 © Commonwealth of Australia

Some of the benefits

  • npbs icon Easier access to your financial data
  • online banking Increased competition among banks to offer better products and services
  • npbs icon Increased transparency across financial institutions
  • Everyday Banking Easier ways to compare products and services to help you get the best deal

Is it safe?

New legislation requires all banks to offer Open Banking for their customers, but the choice to use it will be in your hands. You will have to give consent for the sharing of any data, and your details will only be transferred via approved and protected mechanisms.

Customer security and privacy is our priority and we will be taking all the right steps to safeguard your personal information.

Product reference data timeline

  • money icon Phase 1 - Done! We will share some of our product information (like accounts) with other platforms and developers.
  • house icon Phase 2 - Done! We will share more of our product information (like home loans) with other platforms and developers.
  • tick icon Phase 3 Customers give consent to share their Newcastle Permanent data.

Customer reference data timeline

  • money icon Phase 1 Customers give consent to share their Newcastle Permanent data on some of our Products (like accounts) with other platforms and developers.
  • house icon Phase 2 Customers give consent to share their Newcastle Permanent data on more of our Products (like home loans) with other platforms and developers.
  • tick icon Phase 3 Customers give consent to share their Newcastle Permanent data on all of our Products (including business banking) with other platforms and developers.

Are you a developer?

Engineer new banking experiences for your customers with our APIs.