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What is Open Banking?

Open Banking gives you greater control of your banking data, it was introduced by the Australian Federal Government as part of an initiative called the Consumer Data Right (CDR) which enables the safe and secure transfer of consumer data. Open Banking gives you the right to direct IMB to share your CDR data securely with other participating accredited parties you may trust – like other banks, financial apps or budgeting services which you might use.

Sharing your CDR data can help you:

  • compare other banking products and services to your existing arrangements
  • access up-to-date data from multiple financial institutions in one place
  • get a clearer picture of your overall financial position.

 

Sharing CDR data

Who can share CDR data?

  • be at least 18 years old;
  • have Internet Banking set up;
  • hold an open IMB product that is eligible for CDR data sharing; and
  • have provided IMB with your mobile number (required to support authentication using a One-Time Password).

IMB's CDR Policy

This document provides more information about CDR data sharing and how it works, including privacy and security information and how to make a CDR complaint.

Download our Consumer Data Right Policy (PDF)

What CDR data can I share?

If eligible, you’ll be able to share your customer, account, transaction, scheduled payments, direct debits, and payee history data for the following types of accounts:

  • Where you are the sole account holder; or, you are a joint account holder where all other joint account holders are also eligible to share CDR data and CDR data sharing is enabled on the joint account; and
  • Where the account is a personal savings or transaction account, a business savings or transaction account, a term deposit, a credit or charge card account, a mortgage or personal loan, a business loan, overdraft or line of credit; and
  • Where the account is either open or was closed in the last 2 years.

How to set up and manage CDR data sharing

Step 1

An Accredited Data Recipient sends us a request to start sharing your IMB CDR data 

Step 2

You enter your member number and we send a OTP via SMS for authentication

Step 3

We present the accounts available to share your CDR data. You authorise which accounts, for how long and what type of CDR data you want to share

Step 4

We then notify you by SMS that your consent has been provided to share your CDR data.

We are an accredited provider

Only organisations accredited by the Australian Competition and Consumer Commission can collect and use your CDR data.

Check accreditation

Frequently Asked Questions

General

  When did IMB launch Open Banking?

On 1 Oct 2020 IMB commenced product reference data sharing via our public Open Banking Product Application Solution.  The number of products available for product reference data sharing expanded on 1 February 2021 and again on 1 July 2021, in line with the 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.

In November 2021 IMB commenced consumer data sharing (phases 1 and 2), allowing eligible customers to share their data with Accredited Data Recipients. Consumer data sharing gives consumers greater access to and control over their data. In October 2022 IMB expanded consumer data sharing allowing eligible joint account customers to share their CDR data with Accredited Data Recipients. IMB will continue with the expansion of consumer data sharing in line with the phased implementation of the Open Banking regulations in line with the phased implementation of the Open Banking regulations, or as discussed with the ACCC (which may include some implementation gaps from time-to-time as outlined in the rectification schedule).

  Is Open Banking secure?

Yes. Customer data security is important to IMB and all requests to access your CDR data must be initiated by you, through a secure environment. IMB cannot do this on your behalf.

Accredited Data Recipients who are providing services by 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 your choice to use Open Banking. Open Banking requires you to authorise any sharing of CDR data. If you change your mind, you can revoke your authorisation to share CDR data with ADRs at any time using your data sharing dashboard in IMB Internet Banking.
  Viewing my CDR data sharing arrangements in Internet Banking 
  1. Log into IMB Internet Banking
  2. From the main menu, click the ‘Home’ menu and select ‘Data sharing’
  3. From the drop-down list select ‘Consents’
  4. The ‘Consents’ screen displays a list of all the accredited third parties you are sharing CDR data with now and who you have shared with in the past
  5. You can also click on an accredited third party to view its details
  Can I cancel my consent?

Yes, you can cancel your consent at any time through Internet Banking. 

Once your permission for us to share your CDR data has been cancelled, we will no longer share your CDR data and will provide you with a notification.

  What products are available?

Eligible IMB members can request to share their CDR data for certain IMB products including their IMB savings and transactional accounts, term deposits, credit cards, home loans, personal loans, business loans, overdrafts, lines of credits and numerous other products.

However, IMB has been granted an exemption by the ACCC from making available and providing CDR data in relation to its Retirement Savings Accounts (RSAs). IMB has ceased offering RSAs to new members and the number of active RSAs is very low. IMB is therefore not required to develop the extensive technology infrastructure required to obtain and share the relevant CDR data for this product.

  How do I authorise Third Party Products?

IMB Mastercard* - To start the authorisation process, you will need to go through the Accredited Data Recipient (ADR) you wish to share your CDR data with. Through their CDR data sharing portal, you will be connected to the Citi authorisation portal to provide your authorisation.


*MasterCards are issued by Card Services which is a division of Citigroup Pty Limited ABN 88 004 325 080 AFSL No. 238 098 Australian Credit Licence 238098 that provides and administers credit on behalf of IMB Ltd.

  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 CDR data once it has expired, you will need to create a new consent.

Some Accredited Data Recipients (ADRs) may also allow you to amend an active consent on your CDR 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.

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

  Why are some of my accounts not visible or unavailable to share?

Certain accounts may be unavailable due to the following:

  • Product is ineligible;
  • Other joint account holders may not be eligible for CDR data sharing;
  • Accounts where you are not the account holder;
  • CDR data sharing is not enabled.

Meanwhile, other accounts may not be visible as you may have chosen not to have access to these accounts.

  Will I be charged a fee?

Under the CDR legislation, we will not charge you to share your CDR data with an accredited third party.

We won’t charge an accredited third party to access your CDR data either.

  How do I manage my CDR data sharing preferences?

You can view or withdraw your consent for your CDR data sharing arrangements at any time through Internet Banking by going to the Data Sharing tab and selecting Consents. You can also manage your sharing preferences by calling us on 133 462.

  Where can I go for further information?

For more details on the Consumer Data Right, please refer to IMB’s CDR Policy or visit cdr.gov.au

CDR data sharing for eligible Joint Accounts

  How do I enable a joint account for CDR data Sharing?

In accordance with the relevant CDR legislation, eligible joint accounts are already set up for CDR data sharing and you won’t need approval from other joint account holders to share your CDR data with participating accredited parties.

Any eligible joint account holder can stop their CDR data from their joint account from being shared with participating accredited parties at any time. If you choose to disable your joint account, you and all other joint account holders will need to approve and re-enable your consents for CDR data sharing.

To enable CDR data sharing (in Internet Banking):

  • Go to the Data Sharing tab, select Sharing Permissions, then choose the joint account you would like to share and enable CDR data sharing;
  • A message will be sent to your other joint account holder(s) asking them to approve or decline your request to share CDR data relating to the joint account;
  • To approve or decline the request the other joint account holder(s) will need to log into Internet Banking, select the Transfer and BPAY tab, select Authorisations Option and approve or decline;
  • If they approve, your CDR data relating to your joint account will be enabled, and you can select it from the list of accounts eligible for CDR data sharing.

All joint account holders must follow steps above and select ‘Authorise’ within seven days of the request being created, or the request will expire.

Please note:

  • If a request expires or is rejected, the joint account permission ‘Data sharing not enabled’ will remain,
  • All joint account holders are notified of the outcome of the request by email,
  • Once all joint account holders have approved the request, CDR data sharing will be enabled on the joint account,
  • Any joint account holder with CDR data sharing enabled on an account can create a CDR data sharing arrangement from the Accredited Data Recipient’s app or website,
  • CDR data sharing enabled joint account(s) will be displayed under ‘Available accounts’ on the account selection screen, in the data sharing process.
  How do I change my joint account CDR data sharing notifications?

When you are the one sharing joint account CDR data you will receive notifications via SMS, this cannot be disabled.

When another joint account holder shares CDR data relating to an eligible joint account, the other joint account holders will receive a notification via SMS. You can use IMB’s Internet Banking to manage whether you wish to receive these notifications, and how you wish to receive them – either via SMS or email (or both).

To manage your joint account CDR data sharing notifications, login to Internet Banking, select Alerts, then Register and De-register. When you are the one sharing joint account data you will receive notifications via SMS, this cannot be disabled. 

  Will I have to share my password with a third party?

Giving your IMB Internet Banking password to a third-party breaches IMB's Internet Banking terms and conditions.

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.

CDR data sharing by Secondary Users

  What is a Secondary User?

Secondary Users are individuals that have been granted permission by an account holder to share CDR data for that account. 

IMB refers to Secondary Users as both an:

  • ‘Authority To Operate’ (ATO or ‘authorised agent’ ) within the meaning provided in IMB Bank’s Member Guide to Transaction Banking - Product Disclosure Statement (‘PDS’) and Internet Banking Terms and Conditions (‘IB T&Cs’) documents.”
  • ‘Power of Attorney’ (POA or Attorney or ‘authorised agent’) within the meaning provided in IMB Bank’s PDS and IB T&Cs documents.
  What is the eligibility criteria for Secondary Users?
For a Secondary User to be able to share CDR data in relation to an IMB account they must meet the following eligibility criteria:
  • Be 18 years of age or over;
  • Have IMB Internet Banking access;
  • Have provided IMB with their mobile number (required to support authentication using a One-Time Password);
  • Enabled by the account holder to share CDR data via IMB’s Internet Banking as either a ATO or POA within the meaning of IMB Bank’s PDS and IB T&Cs documents.
  What can Secondary Users do ?

Once they have been authorised to share data about an account by an account holder, a Secondary User can choose to share account data, transaction details and product specific CDR data with an ‘Accredited Data Recipient’. They are not able to share the customer data of the account holder/s.

A Secondary User cannot:

  • Share customer specific information of the account holder/s e.g. contact details.
  • Enable or disable other Secondary Users.
  • View data sharing arrangements established by the accountholder/s.
When an account holder has authorised a Secondary User to share CDR data about an account, through IMB Internet Banking the account holder can:
  • View the CDR data sharing arrangements created by the Secondary User that relate to their account.
  • Stop sharing data about their account in active CDR data sharing arrangements created by the Secondary User (i.e. override the Secondary User’s CDR data sharing arrangement in relation to their account).
  • Enable and disable a Secondary User.
The account holder/s will be notified of any CDR data sharing actions completed by the Secondary User on their account by way of SMS notification.
  Can an account holder enable or disable CDR data sharing capability for a Secondary User?

An account holder can enable or disable CDR data sharing capability for a Secondary User by:

  • Logging on to Internet Banking;
  • Clicking on the Data Sharing tab and selecting the ‘Sharing Permissions’ option.  This will display the account holder’s eligible accounts; and eligible accounts that have another individual appointed on them as an ATO or POA;
  • Select the account that has the Secondary User associated with it; and
  • Click on the ‘Enable Sharing’ or the ‘Disable sharing’ option.
  What happens when a Secondary User is Disabled? 

When an account holder disables the authorisation of a Secondary User to share CDR data about their account:

  • Sharing of the account in any existing CDR data sharing arrangements created by the Secondary User will stop.
  • The Secondary User will not be able to create any new CDR data sharing arrangements that include that account.

When an account holder disables the authorisation of a Secondary User this only removes their ability to share CDR data about that account. Their removal as a Secondary User has no effect on their transactional banking access or any other entitlements they have to that account as an ATO or POA (e.g. the ability to perform transactions or seek information from IMB about the account. To remove an ATO or POA access to your account please contact IMB on 133 462 or visit an IMB Branch.

  I am an Account holder and have an ATO on my account. I do not want them to be able to share CDR data about my account as a Secondary User. How do I confirm this? 

An ATO that you have appointed on your account cannot automatically share CDR data about that account as a Secondary User. As the account holder, you control whether you wish to enable them to share CDR data about your account or not. By default, Secondary Users are not able to share CDR data and must first be enabled by you as the account holder to do so. To check who you have enabled to share CDR data on your account, select the Data Sharing tab, then ‘Sharing Permissions’ in Internet Banking.

  I am enabled as a Secondary User so why can’t I share CDR data on the account? 

If you are enabled as a Secondary User to share CDR data about an account, but that account is not showing as available when you attempt to provide a new consent or make a CDR data request, it is likely that one of the following eligibility criteria is not being met:

The account holder/s of the relevant account must be eligible to share data:

  • Be 18 years or over;
  • Have IMB Internet Banking access;
  • Have provided IMB with their mobile number (required to support authentication using a One-Time Password);
  • The account itself must be eligible for CDR data sharing; and
  • In the case of a joint account, all accountholders must have agreed to enable it for CDR data sharing.

You as the Secondary User must meet the following eligibility criteria:

  • Be 18 years or over;
  • Have IMB Internet Banking access;
  • Have provided IMB with your mobile number (required to support authentication using a One-Time Password);
  • Enabled by the account holder to share CDR data via IMB’s Internet Banking as either a ATO or POA within the meaning of IMB Bank’s PDS and IB T&Cs documents.

 

Information for developers

On 1 October 2020 IMB commenced sharing product data publicly through our secure application program interfaces (APIs). This includes information about the products we offer – including features, rates, fees, and charges related to these products. We do not accept requests for voluntary product data.

Learn more

 

Why choose us?

Established in 1880, IMB Bank is one of the most enduring financial institutions in the country, helping people achieve their financial goals for over 140 years. Our members can access a fully featured range of services: home and personal lending, savings and transaction accounts, term deposits, business banking, and more.

Our renowned personal service is backed by innovation, providing convenient, secure digital banking options where and when you want it. IMB also has a growing retail branch network throughout NSW and Victoria, for when you need to speak to someone in person, and a team of professionals at our locally based contact centre. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you.

Find out more