What is Open Banking?
Open Banking is a secure, government‑regulated way to share your banking information with trusted accredited third parties, but only with your permission. In Australia, it operates under the Consumer Data Right (CDR), which gives you greater control over your data and how it is used.
Through Open Banking, you can choose to share your account information—such as transactions and balances—with approved apps and services to access helpful tools like budgeting, accounting, or money management services. You have control over what data is shared, who it is shared with, and can withdraw your consent at any time.
For more information about Open Banking please refer to www.cdr.gov.au
Safely sharing your data
CDR legislation requires all banks to participate in Open Banking for their customers, but the choice to use it will be in your hands. You will have to authorise the sharing of any data, and your details will only be transferred via approved and protected mechanisms. Customer security and privacy is our priority and we will be taking all the right steps to safeguard your personal information.
Privacy safeguards and data security requirements are built into the CDR, and a business must be accredited by the Australia Competition and Consumer Commission (ACCC) to handle your data.
FAQs on data sharing
You share your data to an accredited provider. These providers are known as Accredited Data Recipients (ADRs). Simply select your preferred provider, access either their app or website and start the process to share your data.
- Choose your provider
- Log on to either their app or website and follow their prompts to share data (also called a consent)
- During this process, you will be redirected to your financial institution to enter your online banking details. (Please note that you will not be asked to enter your online banking password.)
- Once you have done that, you will receive a one-time password (OTP) to approve the sharing of your data.
- After you have entered your OTP, you will be taken back to the provider. You should be able to see the data you have requested to share (i.e. bank account, balance, transactions, etc.).
You can stop sharing your data any time. You have 3 different ways to do this.
- Via your provider. You can log on to either your providers app or website and follow their prompts to cancel your data sharing arrangement directly with them
- Via your Greater Bank online banking.
a. Log on
b. Go to Manage
c. Select Security and access
d. Select Data sharing
e. Select Manage Data Sharing
f. Select the data sharing arrangement you wish to stop
g. Select the Stop sharing button
- Contact us on 13 13 86 or visit a branch.
Yes, data sharing via Open Banking is secure. It is safer than traditional methods such as screen scraping because it uses government regulated, encrypted, and API-based technology. You are not required to give your online banking login credentials to share your data. You maintain control of what data is shared, how long it is shared, and you can revoke an arrangement at any time.
Accredited providers must comply with privacy and security requirements and be accredited by the Australian Competition and Consumer Commission (ACCC).
Open Banking allows you to share your account data in a government regulated, safe and secure way. Strong privacy and security protections are in place. All CDR accredited providers must follow strict rules and regulations. When you use Open Banking, you will not be asked for your online banking password. A one-time password (OTP) will be sent to you to for authorisation.
A bank feed automatically sends your bank transactions to your accounting software (MYOB). It provides a secure transfer of data from your business banking accounts and business credit cards directly into your authorised accounting software.
Screen scraping is when you give your online banking log on details and password to a third party (e.g. budgeting apps & accounting software) so they can access your bank account.
You can see a list of accredited organisations on the Consumer Data Right - Find a Provider website.
No fees are charged by Greater Bank for you to share your data.
To share your personal data, you must meet the following criteria:
- Be 18 years or over
- Have at least one open Greater Bank account
- Be registered for online banking.
In addition to meeting the customer eligibility criteria above, your account must meet the following:
- All account owners must be eligible (see above).
- Your account must be open or closed within the last two years.
You can view and manage your active and inactive consents on the data sharing dashboard in your online banking. This includes any expired or cancelled arrangements.
To access your data sharing dashboard:
Online Banking
- Log on
- Go to Manage
- Select Security and access
- Select Data sharing
- Select the Manage Data Sharing button and follow the prompts
Eligible joint account information can be shared to accredited providers by any account owner. Each account owner must meet all the eligibility criteria (ie: be over 18, have at least one open Greater Bank account and be registered for online banking).
If one joint account owner decides they do not want to share the data on an account, they can update this information via online banking and make their account ineligible for data sharing. This means no account owner will be able to share data on the selected account.
Online Banking
- Log on
- Go to Manage
- Select Security and access
- Select Data Sharing
- Select the Manage Data Sharing button
- Select Manage account settings
- Select the account you want to disable sharing on
- Select Disable all data sharing
- Select the red Stop All Sharing button
To re-enable a joint account for data sharing follow the above steps by selecting the account you wish to update and select the Enable Sharing button.
Authorised Signatories (referred to as secondary users for Open Banking) cannot automatically share data on your accounts. To enable a secondary user for data sharing, log into online banking and navigate to the Consent Dashboard. From here you can select your account and enable or disable your secondary users whenever you wish.
Businesses can also use Open Banking to securely view and share their financial data with accredited providers.
To view and share data on your business and accounts, you may be required to set up a Nominated Representative.
A Nominated Representative is an individual authorised by a business, company, trust, or partnership to manage and consent to sharing banking data with accredited providers.
A nominated representative will be able to share data (including transactions, balances and payees) for all eligible accounts owned by the business. This includes accounts closed within the last two years and accounts the nominated representative may not have access to currently within their online banking profile.
If your business is a non-individual entity, you will be required to set up your Nominated Representative. A non-individual is one of the following customer types:
- Partnership (where all partners are 18 years or over)
- Company
- Association or Co-operative
- Government Body
- Trust
To set up a Nominated Representative contact us on 13 13 86 or visit a branch to nominate a representative for your business.
No. As you are an individual (including with a trading name), you can simply use your personal details to share your data.