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), opens in new window. 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, opens in new window 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:

  • credit or 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 personal information such as contact details and addresses, payees and scheduled payments.

You’ll also be able to share detailed account information for accounts including:

  • home loans and personal loans
  • business loans
  • investment loans
  • asset finance.

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 NAB. Follow the prompts that appear on the screen.

  1.  Enter your NAB Identification Number (NIN).
  2. A one-time password will be sent to your SMS security registered phone number. You’ll never be asked to enter your NAB Internet Banking 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 NAB banking 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 tips hub.

 

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 NAB Internet Banking with your NAB Identification Number (NIN) and NAB Internet Banking password.
  2. From the main menu, click the Settings/Mailbox tab 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 button.
  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 Internet Banking Support Team on 1300 651 656 in Australia, (or +61 3 8641 9886 from overseas) Monday to Friday, 7:00am to 9:00pm (AEST/AEDT) and Saturday to Sunday, 9:00am to 6:00pm (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.

Frequently asked questions