Open Banking

The Consumer Data Right is designed to keep your data secure and protect your privacy.

You decide if you want to share information

You control what information to share

You choose who you share your information with

You choose when you want to stop sharing your information

The Consumer Data Right is regulated by the ACCC and the OAIC. The data standards have been developed by the Data Standards Body (DSB). These regulators oversee the Consumer Data Right system's privacy and security controls.

Please note: BOQ Specialist does not endorse, promote, or authorise the use of services that require you to divulge your access codes or passwords.

An Accredited Data Recipient is a provider that has successfully undergone the ACCC’s accreditation process.

Accredited Data Recipients are data receivers under CDR. These are the providers who receive a consumer’s data after the consumer has given their consent.

These are the providers who currently hold consumer data such as banks. Registered Data Holders must share eligible customer data with a nominated Accredited Data Recipient when a customer directs them to.

Want to learn more about who you’re sharing data with, and what data you’ve shared? Here’s how:

1. Visit the data sharing Customer Dashboard.
   
   
2. Select ‘Sharing started by you’. This will display an option to select active or inactive arrangements.
   
   
3. We’ll display all your active sharing arrangements and the expiry date, followed by expired sharing arrangements and the date the consent expired.
   
   
4. You can search for and click on the sharing arrangement to learn more about when the sharing arrangement access was granted, what accounts have been shared, the type of data that has been shared, and how long we will continue to share data.

You can also stop sharing your data. Locate the provider you want to stop sharing your data with and click “stop sharing” at the bottom of the screen. A message will display, reminding you of what happens when you stop sharing.

An online portal that enables customers to view and manage their data sharing consents.

Using your Open Banking credentials (mobile number or client number, and one time SMS code), you can log in an access information such as active and expired consents, what data was shared, who it was shared with, and when.

Please note when using Open Banking we will never ask you for your pin code or passwords.

The CustomerDashboard can be accessed here.

For BOQ Specialist you will need to use your client number to create a consent.

When creating a consent for joint accounts, all parties must have active internet banking for these accounts to be Open Banking eligible.

Please check that all parties associated with the missing accounts are signed up for internet banking and try to create the consent again.

If you are trying to create a consent for business accounts, you will need to be added as a Nominated Representative. Please see the Nominate Representative section for more information.

This could be because the third-party is not using Open Banking technology to retrieve your data. Contact the third-party to confirm.

Please note: BOQ Specialist does not endorse, promote, or authorise the use of services that require you to divulge your codes or passwords. Please remember that if you break your obligation to us not to disclose your codes or passwords to another person, you will be liable for any EFT transactions on your account(s) made using your codes or passwords.

Yes. You will need to provide a consent for the requests from each ADR.

Yes. You must set up a new consent to share your new account.

This is the unique customer identifier you use to log in to online banking.

We’ll never ask for your online banking password to share data with accredited providers. If you choose to share your BOQ data with accredited providers, we’ll send you a one-time password to your registered mobile. This one-time password will expire after 5 minutes.

No, sharing your data is always your choice. You’ll be in full control of what data you share, who you share it with, and for how long.

Yes, you can choose to stop sharing data with an accredited provider at any time. You can do this by using the accredited provider’s service or through the Customer Dashboard

No fees are charged by BOQ Specialist for using Open Banking.

Authorised Data Recipients may charge you fees for their services. Please refer to their terms and conditions.

You can share data for accounts closed less than two years ago, but you must also have a current open account with us.

When you use open banking, you won't be asked for your banking password. A one-time password will be sent to your phone instead.

Please note BOQ Specialist does not endorse, promote, or authorise the use of services that require you to divulge your codes or passwords.

The open banking environment is a safe and secure way to share your information and doing it this way doesn't breach BOQ Specialist online banking terms and conditions.

Joint accounts are available for data sharing if they meet the eligibility criteria. You won’t need approval from other joint account holders to share data with accredited providers. All account holders must have the account registered for online banking.

However, if you or any other account holder have disabled your joint account for data sharing it will need to be re-enabled before data can be shared.

All account holders who wish to use Open Banking must be over 18 years old. This criteria is set in legislation.

A secondary user is someone who has approved account privileges to the account, such as an authorised third party or a secondary card holder.

As an account holder, you may create a secondary user instruction that will allow the secondary user to share account-related data via Open Banking. Only if a secondary user instruction is created can the secondary user share your account data via Open Banking.

Data sharing permissions for secondary users must be enabled by an account owner via the Customer Dashboard.

To start sharing your business account data, please complete this BOQ Specialist form to add a Nominated Representative.

Please note: this does not apply to sole traders. Sole traders can use their personal client number to share their business accounts.

Once the form has been processed, the nominated representative will use their personal client number to manage data sharing consents. Please ensure the nominated representative is eligible for data sharing, including having online access to the account(s).

For non-individual (business) data sharing:

• A nominated representative must be authorised to enable data sharing on behalf of a business or non-individual entity (such as a sole trader or trust).
• The nominated representative must:
  • Be aged 18 or older; and
  • Have access and authority to the business account they wish to share; and
  • Have a registered mobile number and email with BOQ Specialist.
• Multiple nominated representatives can be authorised to manage data sharing on behalf of a business if they meet the above criteria.

To remove a Nominated Representative, please complete this BOQ Specialist form to remove a Nominated Representative.

When an authorised representative is removed, we will also revoke their nomination to share data. Note: Any arrangements to share that have been created prior to the nominated representative being revoked will continue.

Yes, an authorised representative of the business entity may add multiple Nominated Representatives.