Open Banking.
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What’s Open Banking?
Open Banking gives you greater control of your banking data. It was introduced after the Australian Government passed legislation, called the Consumer Data Right. It means you can share your Bankwest data with organisations accredited by the Australian Competition and Consumer Commission. You can also share your Bankwest data with providers who will collect it from an accredited organisation.
Sharing your Bankwest data
You can choose to share your Bankwest data in order to access products and services from other organisations, like budgeting tools. Sharing is easy to set up, and protected by high security standards. Plus you can stop data sharing at any time.
To be eligible for data sharing, you’ll need to:
- Be at least 18 years old
- Have access to the Bankwest App or online banking.
If you’re eligible
You can now share some of your customer details, account information and transaction history for these Bankwest accounts:
- Credit cards
- Deposit and transaction accounts
- Offset accounts
- Home loans and personal loans
- Overdrafts
- Lines of credit.
Keep in mind
Within these categories, only some accounts will be available for data sharing – for example, not all credit card accounts are eligible. You’ll be able to see all your eligible accounts while you’re setting up data sharing.
How it works
Set up data sharing
As an individual customer or sole trader, you can provide your consent to share your Bankwest data on the website or app of the accredited organisation or provider.
You'll then be taken securely to Bankwest so you can easily set up data sharing. From there follow the steps.
Stop data sharing
You can stop data sharing any time through Bankwest or by contacting the accredited organisation. To withdraw your consent via Bankwest log in to the app or online banking:
- Access the menu and select ‘Manage data sharing’
- Select the accredited data organisation
- Choose ‘Stop sharing’.
Managing your data sharing delegates
You can allow eligible delegates to share your Bankwest data with accredited organisations, or remove them.
Set up data sharing, update sharing permissions and remove from data sharing via the Bankwest App or online banking.
To manage your data sharing delegates:
- Log in to the app or online banking
- Find ‘Manage data sharing’ in the menu
- Then select ‘Sharing preferences’ under ‘Data sharing delegates’.
A data sharing delegate must:
- Be at least 18 years old, with access to the Bankwest App or online banking
- Be an additional cardholder or have online access to your account.
Enabling a joint account for data sharing
Joint accounts are already set up for data sharing and you won’t need approval from other account holders to share with accredited organisations and providers (unless you or any other account holder disabled your account for data sharing).
You can change your data sharing preferences or stop sharing at any time. If you choose to disable your account, you and all other account holders will need to approve and re-enable it for data sharing.
To enable data sharing on joint accounts:
- Log in to the app or online banking
- Find ‘Manage data sharing’ in the menu
- Select ‘Sharing preferences’ under ‘Joint accounts’.
- Choose the joint account you want to share and select ‘Enable sharing’.
We’ll send your other joint account holder a message asking them to approve or decline your request. If they approve, your joint account will be enabled and you can select it from the list of accounts eligible for data sharing.
Our Consumer Data Right policy
Our Consumer Data Right policy describes what data will be available for you to share, how to share your Bankwest data, and how to make a complaint.
Your privacy and security
Accredited organisations and providers
Organisations accredited by the Australian Competition and Consumer Commission can collect and use your data with your consent. You can also consent to share your Bankwest data with providers who will collect it from an accredited organisation. Accredited organisations must adhere to high security standards.
Secure authentication
We’ll never ask you to share your Personal Access Number (PAN) and password with a third party. Doing so breaches our T&Cs and you may not receive the benefit of our protection from unauthorised transactions.
Protected privacy
Data that leaves Bankwest is no longer managed by us. See the accredited organisation’s Consumer Data Right Policy for details on how they manage your data. To learn more about how we handle your data, see our Privacy Statement.
Upcoming data sharing capabilities
Things we’re working on
We’re working on making the following updates:
- Bankwest will allow account holders to stop all sharing arrangements set up by a data sharing delegate with a particular accredited organisation at once. Currently customers can only stop sharing arrangements set up by a delegate individually. We expect this to be resolved sometime in 2024 and will provide further updates on this page.
To learn more, check the ‘Commonwealth Bank’ section of the CDR rectification schedule.