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
- home loans (mortgages)
- personal loans.
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 personal and business accounts including:
- 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.
- Enter your NAB Identification Number (NIN).
- 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.
- Enter this one-time password and follow the prompts to confirm what data you’d like to share.
- 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.
- Log into NAB Internet Banking with your NAB Identification Number (NIN) and NAB Internet Banking password.
- From the main menu, click Profile & Settings and select Data sharing permissions from the drop-down list.
- Open the accredited third party from the list displayed on the ‘Data sharing permissions’ screen and select the Stop Sharing button.
- 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
You can see who you are sharing your data with, and what information they have accessed using NAB Internet Banking.
- Login to NAB Internet Banking with your NAB Identification Number (NIN) and NAB Internet Banking password.
- From the main menu, click the Profile & Settings menu and select ‘Data sharing permissions’ from the drop-down list.
- The ‘Data sharing permissions’ screen displays a list of all the accredited third parties you are sharing data with now and who you have shared with in the past.
- You can also click on an accredited third party to view its details. This information will include the data you are sharing for which accounts, and when your consent to share this data expires.
- To ensure your data is kept safe, data sharing will stop when your consent expires and the accredited third party will either delete or de-identity your data.
Under the Consumer Data Right legislation, we will not charge you to share your data with an accredited third party.
We won’t charge an accredited third party to access your data either.
Open banking is available to online single account holders, sole traders and joint account holders where there are no more than 2 account holders, over the age of 18. In future business customers will be included.
Yes, joint account holders where there are no more than 2 account holders, over the age of 18 can share account summary, balance, transaction history, personal account information such as your mail address, payees, scheduled payments and direct debits for accounts such as:
- credit or debit cards
- term deposits
- transaction and savings accounts
- personal loans
- home loans (mortgages).
This data sharing is also available for single-account owners and sole traders.
Giving your NAB Internet Banking password to a third-party breaches NAB's Internet Banking terms and conditions.
There are different types of data sharing environments; screen scraping technology (using your NAB ID number and banking password) versus data sharing in the open banking environment.
When you use open banking, you won't be asked for your banking password; a one-time password will be sent to your phone instead.
The open banking environment is a safe and secure way to share your information, and doing it this way doesn't breach NAB's Internet Banking terms and conditions. Both types will coexist for a while, so it's worth being aware of which one you are using.
For more information about the Consumer Data Right, take a look at the Australian Competition and Consumer Commission, opens in new window website.
Read our CDR Complaints and Access Policy if you need to:
- access or correct your CDR data that we hold about you
- learn more about how you can seek access and correction of CDR Data that we hold about you
- make a complaint about how we handle your CDR Data
If you’re a developer, visit our developer portal, opens in new window for more information about NAB’s Open Banking APIs.
View our security hub for tips on staying safe online.
If you need help setting up to share data, you can 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).
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