Which banks and product categories will be covered by Open Banking?
All Authorised Deposit-taking Institutions (ADIs), other than branches of foreign banks, will be subject to Open Banking under the Consumer Data Right (CDR).
Under the CDR Rules (banking) commencement of data sharing obligations will be phased by product, as defined under Schedule 3, clause 1.4:
- Phase 1 products: Saving account, call accounts, term deposit, current account, cheque account, debit card account, transaction account, personal basic account, GST and tax account, personal credit or charge card account, business credit or charge card account,.
- Phase 2 products: residential home loan, home loan for an investment property, mortgage offset account, personal loan.
- Phase 3 products: business finance, loan for an investment, line of credit (personal and business), overdraft (personal and business), asset finance (including leases), cash management account, farm management account, pensioner deeming account, retirement savings account, trust account, foreign currency account, consumer lease.
A summary of mandatory data sharing obligations for ADIs (phasing table) is available here.