Bendigo and Adelaide Bank brands participating in Open Banking Customer Data Sharing.
Open Banking is part of the broader Consumer Data Right (CDR) legislation, introduced to enable consumers to safely share data with trusted service providers. This includes transaction and product data.
As an Accredited Deposit-taking Institution (ADI), Bendigo and Adelaide Bank currently has five brands who will be Data Providers for Open Banking. These are Adelaide Bank, Alliance Bank, Bendigo Bank, Rural Bank and Up.
Since mid 2021, Bendigo Bank and Up have enabled customer data sharing via Open Banking for their eligible customers. Bendigo Bank branded Equipment Finance accounts and associated data are not yet available for sharing (details on the ACCC rectification schedule.)
To be eligible for data sharing a customer must:
- be over the age of 18,
- have at least one open Bendigo Bank or Up account - owned either individually, or jointly with one other individual aged over 18,
- have access to Bendigo Bank e-banking or the Up app.
On 21 September 2022 the ACCC granted an exemption under section 56GD of the Competition and Consumer Act 2010 to Bendigo and Adelaide Bank Limited. The exemption defers the start dates of the consumer data sharing obligations for our Adelaide Bank, Rural Bank and Alliance Bank brands. Rural Bank exemption is granted until 31 December 2023, and Adelaide Bank until 31 December 2023 for new and refinanced brokered customers and until 31 December 2024 for existing brokered customers and white-labelled products. Alliance Bank brand until 31 July 2023.
Further details can be found in the ACCC CDR Exemptions Register.
Customers of our exempted brands will be able to share their data via Open Banking soon. Customers wishing to access Open Banking data sharing beforehand can do so by opening an eligible account with Bendigo Bank or Up. Please note that only accounts held with Bendigo Bank and Up are able to share data.