Easily and securely share your banking information with organisations that you trust.
Open Banking gives you, as a Bank of Melbourne customer, the ability to share your banking data with other parties you trust, including other banks, online.
The Consumer Data Right is a law which provides eligible individuals or organisations with the right to request access to generic data relating to banking products and services that we offer (product reference data), as well as share data about eligible products and services that relate to you as an individual or organisation (consumer data).
The Consumer Data Right puts control of your data in your hands. In relation to the banking sector, the Consumer Data Right is referred to as “Open Banking”.
On 1 November 2021, Bank of Melbourne enabled data sharing for personal loan and mortgage accounts. This is in addition to savings and transaction accounts, credit and debit cards, which have been available for data sharing since 1 July 2021.
We are pleased to announce that Westpac Group has been approved by the ACCC as an Accredited Data Recipient (ADR) under the Consumer Data Right. We will continue to provide updates on data sharing offerings for customers and how you can benefit from Open Banking.
On 1 October 2020 Bank of Melbourne commenced data sharing for product reference data via our public Open Banking Product API. The number of products available for product reference data sharing expanded on 1 February 2021 and again on 1 July 2021, in line with the Government’s phased implementation of the Open Banking regulations. Product reference data can be used by third parties to make comparisons of products and prices across the market.
On 1 July 2021 Bank of Melbourne commenced consumer data sharing, allowing eligible customers to share their data for in-scope products with Accredited Data Recipients (ADRs). The products and data available for consumer data sharing will continue to expand in line with the phased implementation of the Open Banking regulations. Consumer data sharing gives consumers greater access to and control over their data and may improve consumers’ ability to compare and switch between products and services.