Open Banking, also called the Consumer Data Right, is a legislation passed by the Australian Government, which gives you greater access and control over the data kept about you. Open Banking will enable you to authorise the sharing of your banking data with accredited third parties. It will also require Horizon Bank to share information about our Banking Products (eg. features, interest rates and fees and charges) with accredited third parties.
If you choose to utilise the Consumer Data Right, your data is transferred using automated technology which will make the process simple to use and also provide a safe and secure environment.
Please be aware Horizon Bank will only share your data when you authorise us to do so.
We will only share your data with a data recipient that is accredited with the ACCC as an Authorised Data Recipient in the Consumer Data Right ecosystem.
You are able to consent to us sharing specific types of banking data, such as account information and transaction history. You have full control over what is shared, with whom and for what purposes.
Open Banking has been implemented in a number of phases since 2020. Horizon Bank began sharing information about our products in October 2020. This has enabled authorised institutions to access our product information such as interest rates, fees and charges and special features.
Horizon began sharing consumer account data from October 2021. If you authorise your data to be shared, we will securely transmit your data in the approved format to an accredited data recipient. This is currently only available for an individual account.
Horizon is currently testing the transmission of account data for joint accounts. This is required to be implemented by 1 October 2022. We are also developing software to enable the account data for business accounts to be shared by 1 November 2022.
More information about the Consumer Data Right is available on the CDR website here.
You can also read our Consumer Data Right policy here.
Designed in accordance with the Australian Consumer Data Standards, under the Consumer Data Right, Horizon Bank Open Banking APIs will enable third parties to access information about our products.
