What is Open 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.

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.

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 2 of the consumer data sharing obligations commenced on 1 November 2021 with Phase 3 due by 1 Feb 2022.

We are pleased to advise Horizon Bank complies with the majority of Phase 1 and Phase 2 requirements and we are working hard to meet the remaining requirements for these phases. We are also continuing our efforts to comply with the Phase 3 requirements by 1 Feb 2022.

How do I find more information?

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

You can also read our Consumer Data Right policy 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.

Why choose us?