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.
Individual eligibility
Data sharing will be made available to customers who meet the below criteria:
You are registered to use Citi Online or the
Citi Mobile ®App
Over the age of 18
You have an open account with us
From 21 August 2022, data sharing is also available for customers who have joint accounts for eligible products.
Accounts eligibility
Once you have provided your consent to share data, you will be able to securely share your customer data, account data, transaction data, payee data, direct debits and scheduled payments held by us.
Data sharing is currently available for accounts held by individuals, which are open or were closed on or after 1 April 2022 for these product types:
Credit card accounts
Transaction and savings accounts
Term deposits accounts
Home loan accounts
Offset accounts
Personal loan accounts
Line of credit accounts
Rewritten accounts
Individual trust accounts
Please note:
- For closed accounts, the data shared will relate only to the last 12 months of transactions on the account prior to closure.
- Data sharing is currently only available to individuals who are primary account holders (including joint account holders).
If you have any enquiries about data sharing from your account, please contact us on 13 24 84 so we can assist further.
Latest Updates
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.
How Data Sharing Works
Provide Data Sharing Consent
To start the authorisation process, you will need to go through the Accredited Data Recipient (ADR) you wish to share your data with, such as another bank or financial institution. Through their data sharing portal, you will be connected to the our authorisation portal to provide your authorisation.
To find out how it works in more detail, please visit Consumer Data Right official website here.
Once your data sharing consent has been set up, you can view and revoke your data sharing consent preferences at any time using the Citi Mobile® App or Citi Online data sharing dashboard.
To receive notifications about changes to your data sharing preferences made by you or by other joint account holders you will need to have a valid email address. Please take a moment to log in to your Citi Mobile® App or Citi Online and update your email address.
Data sharing preferences is where you can enable or disable data sharing for a joint accounts at an account level. This will determine whether data can be shared from a given joint account.
Go to your 'Data sharing dashboard' in your Citi Mobile® App or Citi Online account, then:
- Click on 'Joint account management' tab
- Click on 'Data sharing preferences'
- Select the joint account you would like to manage.
To disable data sharing for a joint account, click 'Disable'. The change will take place immediately and other joint account holders will be notified.
To enable data sharing for a joint account, click 'Enable'. A request for approval will be sent to the other account holder(s). They will need to approve the request within 3 days for data sharing to be enabled from the joint account.
View and manage other joint account holders’ data sharing arrangements for your joint accounts.
Go to your ‘Data sharing dashboard’ in your Citi Mobile® App or Citi Online account, then:
- Click on the 'Joint account management' tab
- Click on 'Data sharing management'
- Select the consent you want to view
To stop sharing joint account data in a particular sharing arrangement click "Stop joint account data sharing in this arrangement" button at the bottom of the details page.
Please note, this will only stop sharing joint account data in this particular sharing arrangement.
It will not impact other account sharing in the same consent or disable future data sharing from the joint account(s).
Your privacy and security
We are committed to providing a secure environment to all customers across all our channels, including our Open Banking service. Your data will only be shared to Accredited Data Recipients (ADRs) with your permission and authority. You can view the list of Accredited Data Recipients here. You will also be able to view the data you share or request for your data sharing consent to be stopped at any time. Read our CDR Policy.
FAQs
FAQs
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What can I use Open Banking for?
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How do I set up my data sharing consent or withdraw my consent as part of Open Banking?
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Can any institution request access to my data?
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Can my data be shared without my knowledge or consent, if data sharing is enabled for my joint account(s)?
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Where can I find out more information about the Consumer Data Right legislation?