Open Banking allows you to easily and securely share some of your banking data with other accredited organisations that you trust online.
Open Banking gives you greater access to and control over your data. It can also change the way that you compare and switch between products and services and can give you access to new features and services to help you manage your finances. It was introduced after the Australian Government passed legislation called the Consumer Data Right (also known as the CDR).
The CDR puts control of your data in your hands. The CDR is being introduced to the Australian banking sector in phases. It will then also be applied to the energy and telecommunications sectors in the future. If you have any questions about the CDR legislation please visit the Australian Government CDR website.
MyState Bank has a CDR policy which has information about how you can access or amend your MyState Bank data in relation to the CDR and how to make a complaint.
Your MyState data is available to be shared as part of CDR if you’re:
Data sharing will progressively become available for different customer types in accordance with the phased implementation timeframes specified under the CDR. More information and instructions will become available as implementation phases progress.
Open Banking will begin to come available to MyState Bank customers from August 2021.
Participation is completely optional and you will be able to choose whether you’d like to share your data or not. You’ll also be required to provide consent to share your data and you have the option to remove consent to share your information at any time.
In order to access your data we must have a valid email address and mobile phone number on record to enable two-factor authentication (2FA) for data security purposes.
Update your personal details by calling 138 001.
From August 2021 individual account holders will be able to authorise us to share selected personal banking information such as account information, transaction details and direct debits with other accredited providers.
For customers with joint accounts, or who are secondary users, in a partnership, or not an individual (e.g. a business profile), data sharing will progressively become available from early 2022 in accordance with the phased implementation timeframes specified under the CDR.
Participation in Open Banking is completely optional and you must go through an opt-in process.
First you need to go to the website or app of the accredited third party organisation you want to share your MyState Bank information with. They’ll tell you what data they need and how long they want you to share it for.
You will then be asked to provide your consent, that’s when you’ll connect securely to the MyState Bank system where you can follow the prompts and set up your data sharing arrangement in just a few easy steps:
You can view and manage the details of all your active and archived data sharing arrangements through your MyState Bank Mobile App or Internet Banking.
Profile & Security > Data Sharing
Manage > Data Sharing
You can also manage your data sharing arrangement directly with the accredited organisation you are sharing data with.
You can stop sharing your data at any time on the MyState Bank Mobile App or Internet Banking by simply clicking ‘Stop Sharing’ on the data sharing arrangement.
You will need to complete a 2 step process to confirm you would like to stop the data sharing arrangement. Once this is completed, the details will move to the archived arrangements tab for future reference.
You can only share your data with Accredited Data Recipients. You can view the list on the CDR website.
Yes, there are strict rules and security protocols in place to protect your information. Participating providers – like us – must also be accredited by the Australian Competition and Consumer Commission (ACCC).
Under the CDR legislation, we will not charge you a fee to share your data with an accredited organisation.
Visit the Consumer Data Right website for more information on Open Banking, your rights as a consumer and how the CDR works.