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Help with loansOpen 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.
Latest Updates
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.
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
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
Personal loan accounts
Line of credit accounts
Rewritten 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.
If you have any enquiries about data sharing from your account, please contact us on 13 24 84 so we can assist further.
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.
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
What can I use Open Banking for?
How do I set up my data sharing consent or withdraw my consent as part of Open Banking?
Can any institution request access to my data?
Will I be able to share my Citi branded Mortgage and Deposit accounts through Open Banking once they are closed and moved to NAB?
Can I revoke the consents I’ve given to share my Citi branded Mortgage and Deposit accounts data after the accounts are closed and moved to NAB?
Will I be able to share data using Open Banking from my new NAB accounts?
Where can I find out more information about the Consumer Data Right legislation?