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What is Open Banking?

Open Banking is part of a government initiative called the Consumer Data Right (CDR). The CDR is an economy-wide reform designed to give customers more control of their data by providing a national set of rules and framework for data sharing.

Australian banks manage large amounts of data for their customers. Banking data includes customer details, account details, transaction details, and information about recurring payments. Open Banking gives accredited organisations the ability to request banking data from Australian banks (Like Newcastle Permanent), as directed by the customer, for the benefit of the customer.

Customers may choose to share their data via Open Banking’s secure automated data technology in order to compare products and interest rates, apply for new products or switch between banks, products or services.

You are in full control of your data sharing, at all times. Where eligible you can establish a new Data Sharing Arrangement with an accredited third-party, then use the Newcastle Permanent app or internet banking to manage the active Data Sharing Arrangement or stop sharing at any time.

 © Commonwealth of Australia

Is it safe?

CDR legislation requires all banks to participate in Open Banking for their customers, but the choice to use it will be in your hands. You will have to authorise 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.

Some of the benefits of Open Banking

  • 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

Who can share and receive banking data?

Only the owner of an account can authorise for data to be shared. There are eligibility rules that determine which customers and accounts can be shared via Open Banking. Find out more here.

Eligible joint accounts will be automatically enabled for sharing, should any one of the owners wish to do so. However, any owner of a joint account can disable their joint account/s from being shared by the other owners. Find out more about joint account management here. Customers can only direct an accredited third-party to request banking data. At this point, Newcastle Permanent is not accredited to request banking data from other Australian banks.

FAQs on Data Sharing

Eligible customers

To share your personal details you must meet the following criteria:

  • Be 18 years or over
  • Have at least one open Newcastle Permanent account
  • Be registered for our app or internet banking.

Note: At this time, data sharing is not available for accounts where the owner is not an individual e.g. owner of the account is a trust or a company.

CDR account eligibility

To share your account data:

  • All owners must be eligible customers
  • Your account has to be open, or closed in the last 2 years.

When you give an accredited provider permission to access your data held with your bank (e.g. Newcastle Permanent), a Data Sharing Arrangement is created between:

  • The bank who holds the data (E.g. Newcastle Permanent),
  • The accredited third-party who will receive the data, and
  • The customer who owns the data and is approving for it to be shared.

If you are an eligible CDR customer you will be able to select eligible accounts for sharing . The details of the Data Sharing Arrangement will be displayed, including; the accounts, requested data and data sharing period.

By selecting “I confirm”, you are agreeing to share your Newcastle Permanent data with the accredited organisation.

Once the new Data Sharing Arrangement is established you will be re-directed back to the accredited organisation, who will now be receiving your data.

Eligible joint accounts can be shared to accredited third-parties by any account owner. All accounts are defaulted to 'enabled for data sharing'. Should one joint account owner wish to disable an account from being shared they can do so via internet banking or the app.

If you are not registered for internet banking, your account cannot be shared as it is not CDR eligible.

If you choose to disable your account, the account will be removed from any active Data Sharing Arrangements and all account owners will be notified.

To re-enable an account for data sharing, all account owners will need to log into internet banking and confirm.

To disable a joint account from data sharing:

  1. Log into internet banking.
  2. Navigate to Settings>Manage Data Sharing> Account Permissions Dashboard.
  3. Find the joint account you want to disable and click the three dots to the left, then select “Disable Data Sharing”.
  4. Confirm the action and the account will now be disabled from data sharing.

To re-enable a joint account for data sharing:

  1. Log into internet banking.
  2. Navigate to Settings>Manage Data Sharing> Account Permissions Dashboard.
  3. Find the joint account you want to enable and click the three dots to the left, then select “Enable Data Sharing”.
  4. By confirming the action, all joint account owners will be notified and asked to log into internet banking and accept the change, following the steps above.
  5. Once all account owners have accepted the change, the account will be enabled for sharing.
  6. Note: All account owners have to accept the change within 2 days. The account will be enabled for sharing once all account owners have accepted the change.
Note: All account owners have to accept the change within 2 days. If all account owners do not accept the change, or the time expires the account will remain disabled for sharing.

Once you have established a Data Sharing Arrangement with an accredited organisation, you can view and manage the Data Sharing Arrangement in internet banking.

Where joint account data has been shared, all account owners can view the Data Sharing Arrangement. Only the initiator of the Data Sharing Arrangement can cancel it.

To cancel an active Data Sharing Arrangement:

  1. Log into internet banking. 
  2. Navigate to Settings > Manage Data Sharing.
  3. All active Data Sharing Arrangements will be shown. Select the arrangement you want to manage via the arrow on the right hand side.
  4. Once the Data Sharing Arrangement is open, select “stop sharing”.
  5. By confirming the action, data sharing will be stopped and all account owners will be notified.

To remove an account from a Data Sharing Arrangement:

  1. Log into internet banking.
  2. Navigate to Settings > Manage Data Sharing.
  3. All active Data Sharing Arrangements will be shown. Select the arrangement you want to manage via the arrow on the right hand side.
  4. Once the Data Sharing Arrangement is open, select “remove” next to the relevant account. 
  5. By confirming the action, banking data for the removed account will no longer be shared and all account owners will be notified.

Note: For joint accounts, removing an account will not disable the account from being added to new Data Sharing Arrangements. To disable a joint account for data sharing, refer to joint account management processes. Remove account video if available.

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