Open Banking

Easily and securely share your banking information with organisations that you trust.

What is Open Banking?

Open Banking gives you, as a BT Financial Group customer, the ability to share your banking data with other parties you trust, including other banks, online.

What is the Consumer Data Right?

The Consumer Data Right is a law which provides eligible individuals or organisations with the right to request access to generic data relating to banking products and services that we offer (product reference data), as well as share data about eligible products and services that relate to you as an individual or organisation (consumer data).

The Consumer Data Right puts control of your data in your hands. In relation to the banking sector, the Consumer Data Right is referred to as “Open Banking”.

What's New for Open Banking?

Consumer data sharing for Open Banking has been live for BT Financial from 1 February 2022, with cash management and investment loan accounts available for data sharing.

Check the updated List of Accounts, to see which account products are currently eligible for Open Banking.

Frequently Asked Questions

When did Open Banking launch?

On 1 October 2020 BT Financial commenced data sharing for product reference data via our public Open Banking Product API, in line with the Government’s phased implementation of the Open Banking regulations. Product reference data can be used by third parties to make comparisons of products and prices across the market.

On 1 February 2022 BT Financial commenced consumer data sharing, allowing eligible customers to share their data for in-scope products with Accredited Data Recipients (ADRs). The products and data available for consumer data sharing will continue to expand in line with the phased implementation of the Open Banking regulations. Consumer data sharing gives consumers greater access to and control over their data and may improve consumers’ ability to compare and switch between products and services.

Why is Open Banking good for customers?

One of the purposes of Open Banking is to increase competition across financial services and potentially allow customers to negotiate better deals and save money. Open Banking means that you will be able to share your data with Accredited Data Recipients (ADRs). This will give you access to products and services offered by ADRs that may suit your needs.

How do I share my BT Financial banking data for Open Banking?

The BT Financial products which are in-scope for data sharing are issued by Westpac. BT Financial customers can share their in-scope data through Westpac Online Banking. Customers who are already registered to bank online via Westpac Online Banking can share their data with Accredited Data Recipients (ADRs). Customers who are not registered on Westpac online banking must register on Westpac online banking before they can start sharing their data with ADRs. 

Why does a BT customer need to register with Westpac online banking to share their data?

Westpac Group is the product issuer of BT Financial Open Banking eligible products.  Access to Open Banking for Westpac issued products is provided through Westpac Online Banking. 

Is Open Banking secure?

BT Financial is committed to ensuring that your data is safe including via Open Banking. Customers who want to use Open Banking will need to be registered for Westpac online banking. See “Why does a BT Financial customer need to register with Westpac Online Banking to share their data” above, for more information.

Accredited Data Recipients (ADRs) who are providing products or services under Open Banking must comply with privacy and security requirements and be accredited by the Australian Competition and Consumer Commission (ACCC).

Can I opt out of Open Banking?

It is entirely your choice if you wish to use Open Banking. Open Banking requires you to sign in using your Internet Banking credentials to authorise any sharing of information. If you change your mind you can revoke your authorisation to share data with ADRs at any time using your data sharing dashboard accessed through your Internet Banking.

Why would I ask for my data to be shared?

You may ask us to share your BT Financial consumer data, or other consumer data you have given us permission to collect, in order to get a banking product or service from another organisation, such as another bank.

For example, if you apply for a loan with another bank and they request to see data on your BT Financial cash management account as part of their assessment, you can give us permission to share your BT Financial consumer data relating to that cash management account with them if they are accredited to receive data by the ACCC. 

How do I grant consent for BT Financial to share my data?

To start the consent process, you will need to visit the Open Banking consent portal of the Accredited Data Recipient (ADR) you wish us to share your data with.  This ADR may be another bank or fintech. Once you have granted your consent to the ADR to collect data on your behalf through their consent portal, you will be connected to Westpac online banking, where we will ask you to authorise us to share your data with the ADR.

Will my consumer data only be shared with my consent?

Under the Consumer Data Right, we will only share your BT Financial consumer data with another organisation if you give us permission to do so.

You can use your data sharing dashboard in online banking to track all the permissions you have given to us to share your data. We will always notify you via the data sharing dashboard as soon as practicable after sharing your data.

Can I cancel my consent?

You may withdraw your permission for us to share your consumer data on any account at any time by using your data sharing dashboard through online banking.

Once your permission for us to share your data has been withdrawn, we will no longer share your data and will provide you with a notice of this as soon as practicable.  

Can I view or manage my consent?

Your data sharing dashboard on online banking will show you all your active consents and any previous consents that you have provided, which have expired or been revoked or cancelled.

How long does my consent remain active?

When creating your consent, you can select how long you would like it to stay active. A consent may be for a one time share or you may select a period of up to 12 months. The maximum time limit for consent to remain active is 12 months, before it will expire. If you would like to continue sharing data once it has expired, you will need to create a new consent.

You may choose to create more than one consent or different consents for different accounts, depending on the information you wish to share and the length of consent you would like to give. 

Some Accredited Data Recipients (ADRs) may also allow you to amend an active consent on your data sharing accounts. By visiting the ADR’s app, you may have the option to extend a consent or change the accounts within the consent. This can only be activated through the ADR.

I’m a customer with another bank. How do I put a request in to have BT Financial receive my available Open Banking data?

At this stage BT Financial is not receiving Open Banking data from other banks. Ultimately Open Banking should result in customers getting better access to products that meet their needs. We are excited about the possibilities from Open Banking and over time we expect to allow customers to use Open Banking to more easily bring their banking data from other banks to BT Financial. In the meantime, your BT Financial planner is able to discuss suitable products with you and assist with data required from other financial institutions to support your needs.

Is there a process a potential new customer could take to have their data brought over to BT Financial?

As BT Financial launches services that make use of Open Banking, we will provide information to help customers use these services including transferring their Open Banking data from other banks to BT Financial. We will continue to update this internet page with updates as further data sharing services become available.

Consumer Data Right (CDR) Policy

BT Financial is a member of the Westpac Group.  The Westpac Group CDR Policy provides information about how BT Financial manages data under the Consumer Data Right. 

Consumer Data Right (CDR) Policy (PDF 1MB)

List of Accounts

This document provides a list of all BT Financial accounts eligible for data sharing through Open Banking.

List of Accounts (PDF 40KB)

For Developers interested in using the Product API

Error Mapping

More information on Error Mapping