About Open Banking
What is Open Banking?
Open Banking is a system that allows you to share your financial data with accredited third parties, such as banks, fintech companies, and other financial institutions. This system is regulated by the Australian Competition and Consumer Commission (ACCC) under the Consumer Data Right (CDR) framework. The primary goal of Open Banking is to enhance competition and innovation within the financial services sector while giving consumers more control over their data.
How Open Banking Works
Consent: Open Banking operates on an opt-in basis, meaning you must explicitly give permission for your data to be shared. This consent is managed through the website or app of an accredited data recipient (ADR).
Data Sharing: Once consent is given, your financial institution will confirm the data to be shared and verify your identity. The data transfer is secure and uses APIs to ensure it is done safely.
Usage: The shared data can be used for various purposes, such as comparing financial products, accessing new banking services, or using budgeting tools. You remain in control and can withdraw consent at any time
Security and Trust
Open Banking in Australia is highly secure. Only accredited organizations can access your data, and they must adhere to strict security standards. The data transfer process does not require you to share your login credentials, and you have full visibility and control over who accesses your data and for what purpose. The entire system is regulated by the ACCC and the Office of the Australian Information Commissioner (OAIC), ensuring robust protection of your personal information.
Why We Use Open Banking at Glow Money
At Glow Money, we use Open Banking to receive transaction data because it provides a secure and efficient way to access the financial information needed to offer our services. By leveraging Open Banking, we can ensure that the data we handle is accurate and up-to-date, enabling us to better assist you with your financial wellness needs. Additionally, as an accredited data recipient, we adhere to all regulatory requirements, ensuring your data is handled with the utmost care and security.
Why You Can Trust Us
Glow Money is regulated by the Australian government under the CDR framework. This means we are bound by strict guidelines and standards designed to protect your data. You can trust us to manage your financial information securely and responsibly, providing you with the peace of mind that your data is safe while you benefit from our financial wellness solutions.
For more information about Open Banking and how it works, you can visit the Government's Consumer Data Right website.