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.
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