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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. 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

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.

What is the timeline?

  • money icon Phase 1 We will share some of our product information (like accounts) with other platforms and developers.
  • house icon Phase 2 We will share all 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.