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Open Banking

Open Banking is a service that gives you greater access to and control of your banking data. You can authorise to share banking information between accredited third parties, making it easier for you to manage, compare and switch banking products and services.
The Open Banking service is part of new 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.

Once you have provided your consent to data sharing, you will be able to securely share your customer data, account data, and transaction data held by Citi.

Initially, the following account types will become available for data sharing (expected 1 July 2021):

  • Credit card accounts
  • Transaction and savings accounts
  • Term deposits accounts

 

Future availability in late 2021 and 2022 will include the below accounts and data types:

  • Home loan accounts
  • Offset accounts
  • Personal loan accounts
  • Line of credit accounts
  • Joint accounts
  • Closed accounts (within last 24 months)
  • Rewritten accounts
  • Non-individual, partnerships, nominated representatives and secondary users
  • Direct debits and scheduled payment
  • List of saved payees

 

Data sharing will be made available to customers who meet the below criteria:

  • You are registered to use Citibank Online or the Citi Mobile® App
  • Over the age of 18
  • You have an active account with Citi

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 Citi authorisation portal to provide your authorisation.

Once your data sharing consent has been setup, you can view or request to withdraw your data sharing consent at any time, simply sign on to Citibank Online and go to My Profile Personal Information Data sharing consent.

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 Data Recipients (ADRs) with your permission and authority. You will also be able to view the data you share or request for your data sharing consent to be stopped at any time.

Before you request to stop sharing your data, we encourage you to contact the data recipient as your services with the data recipient may be impacted. Once your data sharing has been stopped, the data recipient will either de-identify or delete your data once it’s no longer required. To confirm your data has been deleted, or to request that it is, please contact the data recipient.

You can view the list of Accredited Data Recipients here.

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 setup my data sharing consent or withdraw my consent as part of Open Banking?

    You can provide your consent to share your data or withdraw your consent at any time from mid 2021. Please refer to ‘How data sharing works’ for more information.

  • 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 cdr.gov.au

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