Open Banking allows you to securely share your banking data, such as your transaction history and account balances, with third parties that have been accredited by the Australian Competition and Consumer Commission (ACCC). The scheme, which was introduced as part of new legislation passed by the Australian government in 2017, empowers customers to search for a better deal on banking products.
Because it allows seamless integration of the customer’s finances and can save them money.
Open Banking is providing customers with new ways of managing their money, financial wellbeing, products and services that deliver better outcomes. Open Banking helps customers to:
• Sign up more easily for certain financial products
• Save time in switching providers
• Find products that are more tailored and personalised to their situation
• Achieve a more holistic view of their finances
The data that can be shared currently includes:
The ACCC, the body responsible for regulating the scheme, has put in many safeguards to protect customers and their data.
All Open Banking participants (financial institutions) that send and receive data must be accredited by the ACCC and the Australian Information Commissioner (OAIC). Both these bodies have set strict accreditation criteria, as well as privacy and information security standards.
To learn more about Open Banking in Australia, click here.
Our goal at DA is to not only be recognised as a trusted leader who has robust mechanisms for managing data, but also to bring to market an innovative, feature rich, data insights driven ecosystem to improving the lives of existing customers.
• Product reference solution
• Consent management
• Data holder platform
• Data recipient platform
• Aggregated accounts/single financial view
• Financial wellbeing/PFM
• Onboarding automation
• Lending process improvement
• Data-driven insights (machine learning/AI)
We’re always looking to collaborate with innovative service providers to enrich our offering. Our goal is to be ready to scale beyond banking by consciously building the business, technology and data foundations required to support new offerings.
With DA you know you are getting a fully compliant Open Banking service.
You can also have peace of mind that we have the experience and expertise to implement and maintain award-winning digital platforms.
We put the customer at the centre of our design principles creating exceptional user experiences.