What's Open Banking?
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 already have access to Suncorp Bank’s product information, helping them get the best deal.
Now we’re launching consumer data sharing, which will improve your ability to compare and switch between products and services and access more tailored, personalised financial services.
This is known as the ‘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.
Suncorp Bank has been working with regulators, consumer groups and others to make this happen. As of July 1, 2021, Suncorp Bank customers can share their individual deposit 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.
Narrator: 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…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 4 simple steps.
Let’s explore these steps with Amina, a Suncorp customer who wants to use a budgeting provider, Budget Guide, 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.
By going to the Suncorp Secured App to get the One Time Password, Amina is authenticated by Suncorp.
Amina selects the accounts she wants to share and then confirms the data requested and the consent period are correct. Once confirmed, she will be redirected back to Budget Guide to complete the process and have her data shared electronically.
Amina is then directed back to Budget Guide to complete the budgeting process with them. It’s as easy as that.
Amina can view her data sharing arrangements in the Suncorp App. She can choose to stop sharing and check key dates and accounts. 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 you 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?
This is an opt-in service. 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.
Is data sharing secure?
Through Suncorp Bank, you can only share your bank data 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 only share your data once you have provided your explicit authorisation to do so.
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 does data sharing work?
It’s basically a four-step process:
1. Give your consent to the third party to receive your data
If a third-party organisation you trust asks you to share certain Suncorp Bank data, you can agree to do so on their website, App or other logged in channel.
If the organisation is an active, accredited data recipient, we’ll receive this request.
2. Confirm your identity with Suncorp Bank
We’ll ask you to authenticate your consent using your Internet Banking Customer ID, or your Suncorp App email address. To verify your identity, you’ll also enter a one-time password generated by the Suncorp Secured App.
3. Confirm the data to be shared
After we’ve verified your identity, you can review the details of the data to be shared and how long it will be shared. You can authorise third parties to access your data for up to 12 months.
4. Share your data with third party
If you’re happy to move forward, you can select “Confirm” and commence data sharing with the accredited organisation.
Once I’ve consented to share data, can I change or withdraw my consent?
Yes, you can use the Suncorp App to:
- view which data sharing you have authorised
- view with whom you are sharing your data and when these arrangements will expire, and
- cancel sharing at any time.
Can all Suncorp Bank customers share their data?
To be eligible for data sharing, you must:
- be at least 18 years old
- have at least one account accessible online.
Accounts currently available:
- accounts held in one name
- for business products only accounts held in the name of the individual customer (the sole trader) are available.
Closed accounts are not currently available.
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. Suncorp Clear Options credit cards are now also included.* 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 (v3)
Product Endpoints (v3) 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 firstname.lastname@example.org
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.
Citigroup Pty Limited ABN 88 004 325 080, AFSL No. 238098, Australian Credit Licence No. 238098 (Citigroup) is the credit provider and issuer of Suncorp Clear Options Credit Cards. Suncorp-Metway Ltd ABN 66 010 831 722, Australian Credit Licence No. 229882 (Suncorp Bank) promotes and distributes Suncorp Clear Options Credit Cards on Citigroup’s behalf under an agreement with Citigroup. Suncorp Bank will not guarantee or otherwise support Citigroup’s obligations under the contracts or agreements connected with the Credit Cards (other than those relating to Suncorp Bank internet banking and telephone banking). Suncorp Bank has not assisted you to make this application and does not suggest you apply for any particular Suncorp Clear Options Credit Card type. Citigroup, not Suncorp Bank, will be assessing your application.
Suncorp Bank banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882 (“Suncorp Bank”).