Open Banking

Open Banking is an initiative in the Australian banking industry which gives you the ability to share your banking information with other accredited parties – such as other banks and financial institutions – online via a simple, easy to use and automated process. Doing this makes it easier for you to manage and compare accounts, and consider switching banking products and services.

Open Banking is provided and governed by the CDR legislation, introduced by the Australian Government to give consumers more control over their data.

When you have the option to share your data though Open Banking, you'll be asked by your service provider who you bank with and what account information and data you’d like to share. 

You can choose to share account balances, your account type and transaction information (including the transaction amount, date and description). Remember you can see and manage this at any time.

Once you choose to share your data, you'll be taken to a webpage and will need to enter your P&N member number. Then you will need to:

• Verify your identity, using a one-time password. This is provided by P&N Bank and displayed in internet banking and the mobile app under Data sharing. If you're not currently registered to use the mobile app, your code will be sent via email, or you can generate a one-time password.
• Agree (provide consent) to share your data. If the account is a joint account, a proposal will be created and sent to all account holders to gain their consent.
• Select the accounts you want to share data for and confirm.

The data sharing is done between accredited providers. You as a consumer consent to your data being shared from a data holder to a data recipient. All providers must be accredited by ACCC in order to start sharing data.

An accredited data recipient receives consumer data to provide a product or service; whereas an accredited data holder holds consumer data and can transfer the data to an accredited data recipient upon receiving a consumer’s request and consent.

You can find a current list of providers on the CDR website.

You can view this through internet banking or mobile app. 

In internet banking go to to  Services > Data Sharing to see a list of your existing or previous data sharing agreements.

In the mobile app go to Settings > Manage data sharing.

To display more information about the data sharing agreement, select “Sharing”/"Withdrawn”.

Your data is only shared as part of an active data sharing agreement, and you can withdraw your consent to share your information at any time.

You can  withdraw your consent to share your data at any time. Follow these steps to remove a service:

For accounts in one name only. 

• Login to Internet Banking and navigate to Services > Sharing. A list of existing or previous data sharing agreements will display.
• Select “sharing” of the agreement you wish to withdraw your consent from.
  Scroll to the bottom and select “withdraw”.

For joint accounts:

• Login to Internet Banking and navigate to Services > Sharing. A list of existing or previous data sharing agreements will display.
• Select “sharing” of the agreement you wish to withdraw your consent from.
  Scroll to the bottom and select “withdraw”.
• A proposal will be created and sent to the other joint account holder.
• The data sharing can be withdrawn if the other joint account holder approves the request.

If you have any questions or require support please contact us on 13 25 77.

The Consumer Data Right (CDR) is an economy-wide reform that puts your data back in your hands. It means you can share your confidential data securely, with the businesses you choose, for use as you choose. It makes it easier for you to:

• compare products and services,
• access better value and improved services, and
• manage your finances and cash flow.

It enables consumers to share their data with accredited providers via a simple, secure and easy to use automated process.

CDR will first apply to the banking sector, however, will apply to utilities sectors in the future.

CDR provides a range of rules and safeguards to ensure your data is protected.