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What's Open Banking?
Open Banking is part of the Australian ‘Consumer Data Right’ or CDR. It’s how the Government describes the rules they’ve put in place to ensure consumers’ right to access and share their data.
Put simply…Open Banking allows customers to grant permission for their banking data to be shared from one organisation to another.
Through Open Banking, Australian consumers can access Suncorp Bank’s product information, and consumer data sharing, which provides the ability to compare and switch between products and services and access more tailored, personalised financial services.
Suncorp Bank has been working with regulators, consumer groups and others to make this happen. Suncorp Bank customers and their nominated representatives and secondary users, can share their personal account, non-personal account and joint account data with authorised third parties.
This policy describes what data will be available for you to share, how we manage your data, and how to correct your CDR data or make a complaint, if needed.
Download our Consumer Data Right policy (PDF).
Watch the video below to learn about:
- how Open Banking puts you in control of your bank data
- how you choose what data is shared, who will be able to access it and for how long
- how you can manage and withdraw your data sharing consent.
<Male Voice> Meet Dan and Amina. With a growing family, they're looking to upsize and review their home loan. But the hassle of providing a new bank or lender with all their information, bank account details, transaction history, ugh. It's a little daunting to say the least.
This is where the Consumer Data Right can assist. The Australian government has introduced legislation that gives consumers greater access to and control over their data. This is known as the Consumer Data Right.
Open Banking is the term used to describe the Consumer Data Right in the banking industry. This is great news for Dan and Amina. Open Banking puts them in control of their banking data. They can give permission for their data to be shared between accredited data recipients, such as authorised banks, financial institutions and other accredited organisations.
When it comes to comparing different home loans and weighing up their options or switching lenders, Dan and Amina can ask their current bank to provide another lender with their banking data.
Dan and Amina are in control and well informed every step of the way by choosing what information is shared and for how long. Knowing who will have access to their data and being able to manage and withdraw their consent for sharing data.
To use Open Banking, Suncorp Bank customers follow four simple steps. Let's explore these steps with Amina, a Suncorp Bank customer who wants to use a budgeting provider BudgetGuide to help her sort out her finances.
While Amina is completing her details for BudgetGuide to provide her with her personalised budget, she is asked to provide her consent for Suncorp Bank to share her data with BudgetGuide. Amina reviews the details of the data required by BudgetGuide, the accredited data recipient, and selects I consent to proceed.
Amina now needs to verify and authenticate the data sharing request. She is directed to Suncorp Bank where she is authenticated using her customer ID or previously registered email address. A one-time password is provided through the Suncorp Secured App or by SMS to her mobile. By entering her one-time password, Amina is authenticated by Suncorp Bank. Amina selects the account she wants to share and then confirms that data requested, and the consent period are correct. Once confirmed, she will be redirected back to BudgetGuide.
Amina can then complete the budgeting process with BudgetGuide. It's as easy as that.
Amina can view her data sharing arrangements in the Suncorp App under data sharing arrangements found in the settings menu. She can choose to stop sharing, check key dates and view or add and remove the accounts in the arrangement.
If Amina withdraws consent, Suncorp Bank will stop sharing her data with BudgetGuide. Amina can also rest assured that Open Banking is secure. Organisations who can receive customer data are subject to strict accreditation criteria by the Australian Competition and Consumer Commission and data will only be shared with these recipients at your request and if you or another authorised account user has specifically authorised your bank to provide the data.
Open Banking, putting you in control of your banking data.
Frequently asked questions
Do I have to share my bank data? What if I choose not to share data?
You can choose whether to use it or not. It’s entirely up to you.
And if you do choose to share your bank data with a third party, you can withdraw your data sharing consent at any time. Learn how data sharing works.
Do I have to share my data? How do I choose not to share?
Is data sharing secure?
Through Suncorp Bank, your data will only be shared with recipients accredited by the Federal Government. This accreditation is designed to ensure that all data sharing complies with strict privacy and security requirements.
You can find a list of accredited data recipients on CDR.gov.au.
We’ll never share your Suncorp Bank account login details with any third-party organisation. You should never provide these details to any third-party either.
How can I share my data?
Can other joint account holders share my joint account data?
Any account holder can authorise sharing on the joint account they hold with you. If you wish to stop all data sharing on your joint account(s), you can go to ‘Settings’ from the Banking tab in the Suncorp App then ‘Data Sharing Arrangements’. Go to Account Permissions to manage your joint account sharing permissions or you can remove your joint account directly from the data sharing arrangement from the Consumer Dashbard in the Suncorp App.
Once I’ve consented to share data, can I change or withdraw my consent?
Yes, you can use your Consumer Dashboard to:
- view which data sharing you, or another joint account holder or a secondary user, has authorised
- view with who your data is being shared and when these arrangements will expire
- view & manage data sharing arrangements, that were setup by other authorised account users which includes secondary users on personal accounts and nominated representatives on non-personal accounts.
- cancel sharing at any time for those arrangements setup by you or another account owner
- add and remove secondary users permissions
- add and remove accounts from specific data sharing arrangements
- manage your notification preferences.
Can all Suncorp Bank personal customers share their data?
To be eligible for data sharing, you must:
- be an individual
- be at least 18 years old
- have at least one account accessible online
- hold a relationship to the account that allows for data sharing permission.
Am I able to share data from my Business Account?
What data sharing rights does a person with third party access have to my personal account?
If a third party has been authorised to operate on your eligible account, and meet certain criteria, that person can be established as a secondary user for data sharing for that account.
Secondary user permissions are are granted by the account owner via the Consumer Dashboard. Once permissions have been granted, the secondary user will be able to establish consent for the account(s) you have granted permission(s) for.
Sharing data from Suncorp Clear Options Credit Cards is currently exempt on accounts for non-individuals, partnerships, nominated representatives or secondary users. For further information please call 13 11 55 and follow the prompts applicable to credit cards.
What happens to my data after sharing expires or is cancelled?
After your data sharing arrangement has expired or been cancelled, a data recipient must either delete your data or de-identify it. This will be outlined in the data recipient’s CDR Policy that you will receive when you set up your data sharing arrangement.
Where can I learn more about Open Banking and the Consumer Data Right?
Look out for more information from Suncorp Bank to come
We’re excited about the promise of Open Banking and we’re working on ways we can help you make the most of these changes.
As new data sharing opportunities and capabilities emerge, we’ll let you know how you can benefit from them. We’ll update this page as they become available.
Technical information: Suncorp Bank’s Product APIs
Suncorp Bank’s Product APIs currently include Suncorp transaction, deposit, mortgage and business lending products*. We’ve developed these APIs in accordance with Australian Consumer Data Standards.
Product details including terms, conditions, rates and fees may change from time to time without notice. Suncorp Bank is not liable for how terms, conditions, rates and fees are interpreted and displayed by data recipients once such data has been provided by Suncorp Bank.
Please direct your end users to suncorp.com.au for current product details or access the Suncorp Bank Product API to enable real time updates for the most up to date information.
Accessing Suncorp Bank’s Product APIs
Product Endpoints specifications
- Products currently offered
- Key features
- Constraints such as minimum balances or limit thresholds
- Eligibility criteria
- Fees applicable
- Interest rates available
The data returned is defined by Australian Consumer Data Standards and is REST-based. The APIs are available to everyone with no restrictions on use.
For questions related to our Product API, email us at email@example.com
Things you should know:
*Product details including terms, conditions, rates and fees may change from time to time without notice. Suncorp Bank is not liable for how terms, conditions, rates and fees are interpreted and displayed by data recipients once such data has been provided by Suncorp Bank.
National Australia Bank Limited (ABN 12 004 044 937, AFSL and Australian Credit Licence 230686) (“NAB”) is the credit provider and issuer of Suncorp Clear Options Credit Cards. Suncorp-Metway Ltd ABN 66 010 831 722 (“Suncorp Bank”) promotes and distributes Suncorp Clear Options Credit Cards on NAB's behalf under an agreement with NAB. NAB has acquired the business relating to this credit from Citigroup Pty Ltd (ABN 88 004 325 080, AFSL and Australian Credit Licence 238098) (“Citi”) and has appointed Citi to assist to administer the Credit Cards. Suncorp Bank will not guarantee or otherwise support NAB's obligations under the contracts or agreements connected with the Credit Cards (other than those relating to Suncorp Internet Banking and Suncorp Telephone Banking).
Suncorp Bank banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882 (“Suncorp Bank”).