Open banking

Sharing your data using open banking

How to share data using open banking

Learn how to securely share your banking information to make it easier to manage, compare and switch your accounts. This information is only for customers with original ubank products including USave and USpend accounts, Term Deposits, Self-Managed Super Funds or UHomeLoans.

What is open banking?

Open banking is a service that gives you greater access to and control of information relating to your banking products and services.

You can opt into the service to share banking information between accredited third parties. This makes it easier for you to manage, compare and switch banking products and services.

Open banking is part of new legislation passed by the Australian Government in 2019 called Consumer Data Right (CDR). The aim of the legislation is to increase competition between major banks, other financial institutions and accredited third parties.

Australia’s banking sector is the first to apply the CDR legislation, but the energy and telecommunications sectors will follow.

To find out who is accredited by the ACCC to receive data through open banking, take a look at the Australian Competition and Consumer Commission website.

Types of information you can share

Once you have opted-in to open banking, you can securely share your account summary, balances and transaction history for accounts such as:

  • debit cards
  • term deposits
  • transaction and savings accounts

You can share your transaction history as far back as 1 January 2017.

In the future, you’ll be able to share detailed product information for SMSF accounts including:

  • SMSF accounts

How to share your data

Open banking is an opt-in process. This is how it works.


Agree to share information with a third party

To provide you with a new or improved service, an accredited third party may ask you to share your banking information with them.

They’ll tell you what data they need, and how long they want you to share it for. This may be once-off, or ongoing data sharing for up to 12 months.


Choose which information to share

To share this data, you’ll be redirected to ubank. Follow the prompts that appear on the screen.

  1. Enter your ubank Identification Email.
  2. A one-time password will be sent to your SMS security registered phone number. You’ll never be asked to enter your ubank mobile app password to share your data.
  3. Enter this one-time password and follow the prompts to confirm what data you’d like to share.
  4. We’ll share your data with that organisation using a secure connection.

Is open banking safe to use?

Yes, there are strict rules and security protocols in place to protect your information.


Strict accreditation criteria

To request access to your data through open banking, third parties must be accredited by the Australian Competition and Consumer Commission (ACCC). They have set strict accreditation criteria, as well as privacy and information security standards.


One-time password verification

You’ll never need to give your ubank mobile app password to a third party. If you choose to share your banking data with an accredited open banking participant, a one-time password will be sent to you via SMS to your security-registered phone number to help identify you.


Secure transmission process

Once you have been identified, your data will be transmitted to the third party through a secure connection. This connection is governed by strict terms and conditions defined by the ACCC on how your data must be secured.

For tips on how to stay safe online when using open banking, visit our security page.

How to stop sharing your data

You’ll have full control of this data sharing. Your data can’t be shared without your consent and you can stop sharing at any time.

  1. Log into the ubank mobile app with your ubank identification email and password.
  2. From the main menu, click Profile & Settings and select Data sharing permissions from the drop-down list.
  3. Open the accredited third party from the list displayed on the ‘Data sharing permissions’ screen and select the Stop Sharing.
  4. Confirm the details are correct and select the Stop Sharing button again.

If you don’t have an SMS security-registered phone number, call the Banking Support Team on 13 30 80 in Australia, (or +61 2 9070 0202 from overseas) Monday to Friday, 8am-8pm (AEST/AEDT) and Saturday to Sunday, 8am-6pm (AEST/AEDT).


Deleting your data

If you decide to stop sharing your data, the accredited third party will give you the option to delete your data from their records. If you don’t choose to have it deleted, or in cases where it can’t be deleted, the accredited third party will delete any identifiable data.

FAQs

Have any questions?