Open Banking

Open Banking FAQs

• Is Open Banking secure?

  Alex.Bank is committed to ensuring that your data is always safe including via Open Banking. Customers who would like to use Open Banking will need to be registered for Internet Banking. Accredited Data Recipients who are providing services by Open Banking must comply with privacy and security requirements and be accredited by the Australian Competition and Consumer Commission (ACCC).

• Can I opt out of Open Banking?

  Yes, participation in Open Banking is completely optional. You have full control over whether you choose to share your data.

  If you decide to stop sharing, you can easily revoke your permissions at any time through Alex.Bank's consent management portal.

• Why would I request to share my data?

  Sharing your Alex.Bank consumer data can make it easier to access products or services from other organisations, such as another bank.

  For example, if you’re applying for a loan with a different bank, they may need information about your Alex.Bank account as part of their assessment. By giving your permission, Alex.Bank can securely share your relevant savings account data with that bank - provided they are accredited by the ACCC to receive consumer data.

• How do I grant consent for Alex.Bank to share my data?

  You can request Alex.Bank to share your consumer data if you are seeking banking products or services from another organisation, such as another bank. The process begins with the data recipient initiating a request for access to your information.

• What do I need to be able to share my data?

  You will need to be an Alex.Bank customer and registered for Internet Banking (Alex Online) in order to share your data. The email address and phone number used to access Alex Online will be the same details required to create a sharing arrangement via Consumer Data Right (CDR).

• Will my consumer data only be shared with my consent?

  Under Consumer Data Right, we will only share your Alex.Bank consumer data with another organisation if you give us permission to do so, unless required by law. You can use the Alex.Bank's consent management portal to track all the permissions you have given to us to share your data.

• Can I cancel my consent?

  You may withdraw your permission for us to share your consumer data on any account at any time by login into Alex.Bank's consent management portal. Once your permission for us to share your data has been withdrawn, we will no longer share your data and will provide you with a notice of this as soon as practicable.

• Can I view or manage my consent?

  Yes, you can. Simply login into the Alex.Bank's consent management portal to see all your active consents and also any previous consents that you have provided, which have expired or been revoked or cancelled.

• How long does my consent remain active?

  When creating your consent, you can select how long you would like it to stay active. A consent may be for a one-time share, or you may select a period of up to 12 months. The maximum time limit for consent to remain active is 12 months, before it will expire. If you would like to continue sharing data once it has expired, you will need to create a new consent.

• What types of information and data can be shared?

  Once you have opted-in to Open Banking, you can securely share your account summary, balances and transaction history for eligible personal banking products such as:

  • Term Deposits
  • Savings Accounts
  • Personal Loans

  Under Open Banking, the following data can be shared by authorised users:

  • Account details
  • Transaction details (active accounts only)
  • Account balances
  • Customer details (only authorised user details will be shared)
  • Payee details

• Will I be charged a fee to access Open Banking?

  Under the Consumer Data Right legislation, we will not charge you to share your data with an accredited third party. We won’t charge an accredited third party to access your data either.

• Where can I find more information?

  For more information about Consumer Data Right visit the official CDR Australian Govenment website.

  See Alex.Bank's Consumer Data Right (CDR) Policy if you need to:

  • access or correct your CDR data that we hold about you,
  • learn more about how you can seek access and correction of CDR Data that we hold about you, or
  • make a complaint about how we handle your CDR Data.

  For any further assistance please contact Alex.Bank at hello@alex.bank

• How do I update or correct my information?

  You can update detail such as your address, mobile number and account nickname via our Internet Banking. Alternatively you can contact us at hello@alex.bank for assistance.

• Information for Developers

  Australia’s Consumer Data Right allows accredited providers to develop and deliver services or provide product comparisons or quotes for consumers based on their real data.

  Information on becoming an accredited provider can be found on the Consumer Data Right website.

  The Australia’s Consumer Data Right also provides Product Reference Data through public endpoints. Alex.Bank’s base URL for Product Reference Data is: https://public.cdr.alex.com.au/cds-au/v1/

  We provide two product reference data methods:

  • Get products: https://public.cdr.alex.com.au/cds-au/v1/banking/products
  • Get product detail: https:// public.cdr.alex.com.au /cds-au/v1/banking/products/{productId}

  Information about how to consume these endpoints can be found on the Consumer Data Standards pages here.