Open Banking

What is Open Banking?

Open Banking is a service that gives you greater access to and control of your data. The Open Banking service is governed by legislation passed by the Australian Government called Consumer Data Right (CDR) which aims to increase competition between major banks, other financial institutions and accredited third parties.

Benefits of Open Banking

You can authorise us to share your data with accredited third parties, making it easier for you to manage, compare and switch products and services.

14 December 2023 - The ACCC has granted an exemption to National Australia Bank Ltd (NAB), the issuer of Citi branded credit and financial products, from its obligations to share CDR data for closed Citi branded Mortgage and Deposit accounts. This means that once your Citi branded accounts are closed and moved to NAB on 24 February 2024, they will no longer be available for data sharing through the CDR via Citi. You will only be able to share data from your newly opened NAB accounts. If you have an existing CDR data sharing consent authorisation, the recipient will still be able to use that data until the consent expires or until you revoke it but no new Mortgage or Deposit account data will be shared from Citi.

You should check with the data recipient for more information on how they are handling your data, and for any other permissions you may have given them. See their CDR policy or their dashboard for more information.

20 October 2022 - The ACCC has granted an exemption to National Australia Bank Ltd (NAB), the issuer of Citi branded credit and financial products, from its obligations to share CDR data for accounts held by non-individuals, partnerships, nominated representatives and secondary users, including Powers of Attorney. This means that currently, customers are not able to share data relating to these accounts. We apologise for any inconvenience.

For more information, visit the ACCC Consumer Data Right Exemption Register.