What is Open Banking?
The introduction of Consumer Data Right (CDR) – more commonly known in the banking industry as Open Banking – will provide you with greater access and control over the data associated with your products and services. This includes the ability to share your banking information with other accredited third parties (including banks) securely online.
When is Open Banking launching?
From 2 July 2020, publicly available information about HSBC's transactional, savings, credit card and debit card products will be available to third parties through an online product data request service. This information includes product rates, fees, charges, terms and conditions.
Information about other HSBC products, like home loans and personal loans, will become available in the next phase of the Open Banking launch.
In the future phases of the launch, you will also be able to provide consent to HSBC to share your personal banking information (such as your account information and transaction history) to other accredited third parties.
How does Open Banking benefit customers?
Open Banking will increase competition across the banking industry by enabling third parties to compare products and prices across the market and giving consumers the ability to share their data securely online with accredited third parties.
Open Banking may also lead to new products and services that will help consumers better manage their finances.
Is Open Banking secure?
Before third parties can access your data, they will need to be accredited by the Australian Competition and Consumer Commission (ACCC). Strict privacy and security requirements have been developed to protect banking data that is shared with accredited third parties.
It is your choice to use Open Banking. Before any of your data is shared, you will need to provide your consent. It is important to remember that HSBC will never share information or data with anyone without your consent. You can also opt out at any time.