Open Banking

In 2017, the Australian Government passed the Consumer Data Right (CDR) legislation, which will provide customers with greater access and control of their data, Including an ability to authorise accredited third parties – for example, other certified financial institutions - to request access to their information. CDR will be first applied to the banking sector and will be referred to as ‘Open Banking’.

Benefits

Through an open economy, Open Banking aims to increase competition by removing the barriers that traditionally made data sharing difficult.

You will have control of your data and how it is used, in order to find the best products and services suited to your needs.

Security & Privacy

Citi is committed to providing a secure banking environment to all customers across all of our channels, including Open Banking.

Your data will only be shared to accredited third-parties with your permission and authority. You will also be able to manage the data you share, cancel sharing at any time and ask for your data to be deleted.


FAQs

  • 1. What can I use Open Banking for?

    As a Citi customer, you can ask for your data to be shared to other financial institutions and accredited third-parties to assist you with making the right choice when deciding on the products and services that will suit your needs

  • 2. When will Citi launch Open Banking?

    Citi, along with other financial Institutions, will follow the four major Australian banks as part of the second wave of the Open Banking regime with key dates being:

    • End of 2020 – Citi’s Product Data API will be made available, which includes information about our Products and features
    • Mid 2021 – Citi customers can ask for their data to be shared with other financial institutions

     

  • 3. How do I opt-in and opt-out of sharing my data as part of Open Banking?

    You can opt-in or opt-out of sharing your Citi data to another financial institution in mid 2021. Further information can be found through our website as we move closer to this date.

  • 4. Can any institution request access to my data?

    To be able to make a request for Citi Consumer data, financial institutions must adhere to ACCC accreditation guidelines on how consumer data is collected and used, before submitting an application to ACCC for accreditation.

    As part of each data sharing request, Citi will perform a check of the ACCC registry to ensure the financial institution is an accredited data recipient, and will also verify that you have provided consent for your data to be shared.

    Financial institutions will be able to request Citi customers to share their Citi data in mid 2021.

  • 5. Where can I find out more information about the Consumer Data Right legislation?

    Further details on the Consumer Data Right legislation can be found on the Australian Competition & Consumer Commission website: https://www.accc.gov.au/focus-areas/consumer-data-right-cdr-0

For Developers:
To find out more information on Citibank Open Banking APIs, please visit Citi API Developer Portal - https://sandbox.developerhub.citi.com/

If you have a question/feedback on Citi's Open Banking APIs,

please send an email to: citiau.openbanking@citi.com