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Westpac welcomes the start of data sharing through Open Banking

Thursday, July 02, 2020

Company: Westpac

Westpac has today welcomed the launch of the next phase of Open Banking which allows personal banking customers to share certain data with trusted third parties.

Starting today, eligible Westpac customers can share their credit and debit card data, as well as deposit and transaction account data, with accredited third parties. The type of data available to be shared includes personal customer information as well as transaction and usage data.

Westpac Acting Chief Executive, Consumer, Richard Burton, said Westpac was proud to be able to switch on Open Banking for customers.

“Today marks an important milestone for Open Banking with customers now having the ability to share their data. Westpac supports enhanced data sharing in banking as it will help drive competition and customer choice.

“We have been working hard throughout the entire process to ensure the system is robust and secure for customers,” he said.

“Enhanced data sharing will give customers more confidence they are getting the best deal, and help make it easier to find the best value service that meets their needs.

“We’re committed to ensuring our customers understand how they can benefit from the change Open Banking is bringing to our industry now and into the future,” Mr Burton said.

At this stage, only data on deposit and transaction accounts and / or credit and debit card accounts in single names can be shared. Over time other accounts including joint accounts, home loans and personal loans will also be available.

To be eligible to share data through Open Banking, a Westpac customer must:

  • Be at least 18 years of age
  • Be registered for online banking for personal banking
  • Be registered for SMS Protect

More information about Open Banking, including FAQs for customers, is available at westpac.com.au/openbanking.

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