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 six brands who will be Data Providers for Open Banking. These are Adelaide Bank, Alliance Bank, Bendigo Bank, Delphi Bank, Rural Bank and Up.
From 1 July 2021, Bendigo Bank and Up will enable customer data sharing via Open Banking for their eligible customers. This is in line with the Australian Competition and Consumer Commission (ACCC) compliance timeline.
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 25 February 2021 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 to 1 July 2022 for our Delphi Bank, Rural Bank and Alliance Bank brands. It also defers the commencement date for our Adelaide Bank brand until 1 November 2022.
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 by the respective dates listed above. 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 will be able to share data.