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What is Consumer Data Right (CDR) and Open Banking?
The Australian Federal Government has passed legislation under the Competition and Consumer Act 2010 and the Competition and Consumer Rules 2020 (CDR Legislation) introducing, Consumer Data Right (CDR) – more commonly referred to as 'Open Banking'.
The aim of Open Banking is to provide you with greater choice, access, and control over your information and the data associated with your banking products and services. This includes the ability for you to securely share some of your banking information with accredited third party participants in the CDR regime.
For more information, please visit the CDR page at ACCC.
HSBC Australia's CDR policy
Our CDR Policy describes: what data will be available for you to share, how to share your data, how to stop sharing your data, and how to contact us if you have any enquiries or complaints.
When can I start using HSBC Australia's Open Banking services?
From 1 July 2021, eligible HSBC Australia customers will be able to provide authorisation to accredited third party participants to share some of their personal banking information and data, such as your account information, balances, and transaction history.
Customers eligible to share their data
The following HSBC Australia customers are currently eligible to share their data:
- If you are an individual
- If you are 18 years old or over
- If you are registered for HSBC Online Banking
Accounts eligible to be shared
What type of information can be shared?
The following data is currently eligible to be shared:
- Individual customer name and occupation
- Account name, type and balance
- Incoming and outgoing transaction details
Which organisations are eligible to receive data?
Data can only be shared with third party participants who are accredited by the Australian Competition and Consumer Commission (ACCC) under the CDR Legislation to receive such data. These accredited third party participants are known as Accredited Data Recipients (ADR) under the CDR Legislation.
To view a list of current ADRs, please visit the Current Providers page at ACCC.
Upon authorisation confirmation, you will be securely redirected back to the ADR and be presented with the outcome.
Stopping data sharing
Download the latest version of our Mobile App and Login and select 'Manage data sharing' to view all active data sharing arrangements. You can then follow these three basic steps to stop sharing your data.
Upon confirmation, the ADR will be notified of your data consent authorisation withdrawal and data sharing will stop immediately. You should contact your ADR to confirm the impact to receipt of your services which may arise from stopping the sharing of your data.
Are you a Developer or an ADR?
HSBC product data
Developers and ADRs can access HSBC Australia's product data via the links below using the necessary parameters defined by the CDR Data Standards and CDR Legislation:
Get Product API > https://api.hsbc.com.au/cds-au/v1/banking/products
Get Product Details API > https://api.hsbc.com.au/cds-au/v1/banking/products/
APIs technical support
Developers and ADRs having issues accessing our Product, Banking, or Common APIs please contact us on firstname.lastname@example.org using the subject line "Australia Open Banking" by completing this form.
Please note: Customer queries and complaints will not be responded to if received via this channel.
Customers should contact HSBC via the direct contact us.