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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 started sharing product information on all our products from early 2021 and have met our final Product Reference Data requirements for Open Banking.

To ensure we meet our customers' needs both today and in the future we will commence sharing consumer data such as transaction history, payments and other account details in mid 2022.

 © Commonwealth of Australia

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.

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

Are you a developer?

Engineer new banking experiences for your customers with our APIs.