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What is Open Banking?

Open Banking is part of the Consumer Data Right (CDR), introduced after the Australian Government passed legislation to give consumers greater access and control over their personal banking information across the industry. https://www.accc.gov.au/focus-areas/consumer-data-right-cdr-0

How does Open Banking help you?

You can elect to safely share your personal banking information between accredited third parties making it easier for you to manage, compare and access new banking products and services as well as, in need, correct data held about you.

To find out who is accredited to receive data as part of Open Banking click here https://www.cdr.gov.au/find-a-provider


 

QBANK’s Consumer Data Right Policy

Access our policy here to learn how we deal with your data


 

Frequently Asked Questions

No. Nominated data will only be shared with accredited third parties once you have authorised it.

Once you have opted in, you can share name and contact details, your account summary, balances and transaction history, direct debits, scheduled payments, and saved payees for open accounts including:

  • Credit or debit cards
  • Term deposits
  • Transaction and savings accounts
  • Home loans
  • Personal loans

You can share transaction history as far back as 1 January 2017.

We do not accept requests to share any other types of data - known as 'voluntary data'.

You will not be charged to share your data with an accredited third party.

Your QBANK data will only be shared with accredited third parties once you have authorised it. This may be a once-off event, or ongoing sharing of data for up to 12 months. You can revoke that access at any time and ask for your QBANK data to be deleted.

To share your QBANK data you must first provide your consent via the accredited third party service (web site or app). To help identify you, a one-time code will be sent via SMS to the registered mobile number on your QBANK membership. You will need to enter your membership number and the one-time code to authenticate yourself.

No. You should never give your QBANK password to a third party. To do so breaches QBANK’s General Terms and Conditions and compromises the security of your accounts.

If you use Open Banking, you will not be asked for your QBANK password. A one-time code will be sent to your phone instead.

No, this functionality is currently unavailable. The intent is for this to be offered sometime in 2022.

If you elect to share your information, and once you have been identified, it will be sent to the accredited third party via a secure connection. This connection is governed by strict terms and conditions defined by the ACCC on how your data must be secured. https://www.accc.gov.au/focus-areas/consumer-data-right-cdr-0

Data sharing will stop when your consent expires (or you revoke your consent). The accredited third party will either delete or de-identity your data.

Data sharing will stop when your consent expires (or you revoke your consent). The accredited third party will either delete or de-identity your data.

You can also stop sharing your data with an accredited third party at any time. You can use QBANK Internet Banking to revoke permission to share your QBANK data and ask for the third party to delete the data they hold. 

To revoke your permission:

  1. Login to QBANK Internet Banking.
  2. Select Accounts > Data sharing.
  3. Select the third party you wish to revoke permissions.
  4. Select stop sharing.
  5. You will be prompted to review your decision. Select stop sharing to confirm.

You can also revoke permission by calling our Member Service Centre, Mon – Fri between 8:45am and 4:30pm on 13 77 28.

If you choose to share your information, there are strict rules and security protocols in place to protect it.

All Open Banking industry participants that send and receive data must be accredited by the Australian Competition and Consumer Commission (ACCC). The ACCC have set strict accreditation criteria, as well as privacy and information security standards.

Open Banking is not mandatory – you retain full control of your data and whether you want to participate. You will never need to give your QBANK password to a third party.

You can keep track of who you are sharing your QBANK data with and what information they have accessed using QBANK Internet Banking.

To see who you are sharing your QBANK data with:

  1. Login to QBANK Internet Banking.
  2. Select Accounts > Data sharing.

You can stop sharing your QBANK data immediately.

If you are unhappy with the way a third party is handling your QBANK data, you should contact them and express your concerns.

If you are unhappy with the way QBANK has dealt with your QBANK data we ask that you let us know straight away. You can raise the matter directly with a member of our staff so we can try to resolve the problem “on the spot”. You may also access our internal complaint resolution process at any time, without charge https://www.qbank.com.au/contact/contact-qbank/complaint-resolution/

For more information, please refer to  https://www.cdr.gov.au/

Alternatively, you can call our Member Service Centre on 13 77 28. You can also view our Consumer Data Right Policy online