Open Banking is a way for you to safely access and share your finance data (including transaction history, interest rates & account balances) with accredited third parties such as fintechs, banks and finance apps.
The Australian Consumer Data Right (CDR) is about giving you more control over your data. The data sharing happens electronically and automatically between eligible and accredited parties you have approved through a type of software called an API (application programming interface). APIs help different computers or programs connect and share information.
The CDR was launched by the ACCC (Australian Competition and Consumer Commission) in July 2020 off the back of recommendations made as part of the Royal Commission into the banking, superannuation & financial services industry. Banking is the first industry in Australia to take advantage of Australia’s new CDR, creating what is known as ‘Open Banking’. It’s a really big deal for the future of finance in Australia and all the other industries that will follow.
The ACCC looks after who gets accredited (businesses have to work hard for the accreditation), and ensures the rules they enforce are strictly followed.
The benefits to you are:
You can update your data sharing settings by opening the Money by Afterpay app and selecting the Profile tab. Tap on Login & Security and then Data Sharing. Tap on the consent you want to view or manage and follow the prompts.
If you’re excited about CDR as much as we are you can learn more about it through the Australian Government.
To read more about the CDR policy and how to safely access and manage your data, see Westpac’s Consumer Data Right Policy.
Product reference data for Afterpay is available at the following URL:
Money by Afterpay is a product from Afterpay Australia Pty Limited (ABN 15 169 342 947, AFSL 527911), with accounts and debit cards issued by Westpac Banking Corporation (ABN 33 007 457 141, AFSL 233714). To learn more about Open Banking at Westpac, please visit Westpac’s open banking webpage or for further assistance contact the Open Banking Team at BaaSOpenBanking@westpac.com.au.