What is Opening Banking?

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.

When does Open Banking begin?

Open Banking is being implemented in a staggered approach with two separate components. The first component requires Horizon Bank to share information about our products and was introduced in three phases. The first phase commenced on 1 October 2020 with the final phase due by 1 July 2021. We are pleased to advise Horizon Bank complies with these requirements.

The second component requires Horizon Bank to provide a system to allow you to authorise the sharing of your banking data. Phase 1 of this component was due on 1 July 2021 but Horizon Bank obtained an exemption from the ACCC until 1 November 2021. Phase 2 of the consumer data sharing obligations are due to commence by 1 November 2021 and phase 3 by 1 Feb 2022. We are working hard to have this service available to you by the above dates.

When Open Banking becomes available you will be able to consent to us sharing specific types of your banking data, such as account information and transaction history, with accredited third parties. You will have full control over what is shared, with whom and for what purposes.

How do I find more information?

More information about the Consumer Data Right is available on the CDR website here.

What are the Open Banking APIs?

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. These will become available at a later date.

Why choose us?