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What is Open Banking?

Open banking is a service that gives you greater access to and control of information relating to your banking products and services.

You can opt into the service to share banking information between accredited third parties. This makes it easier for you to manage, compare and switch banking products and services.

Open Bbanking is part of legislation passed by the Australian Government in 2019, which establishes the Consumer Data Right (CDR). The aim of the legislation is to increase competition between major banks, other financial institutions and accredited third parties.

To find out who is accredited by the Australian Competition and Consumer Commission (ACCC) to receive data through open banking, take a look at the ACCC website.

For details on how you can provide consent to share your data on Qantas Money credit card or withdraw your consent at any time securely, please refer to our CDR Policy.

Types of information you can share

Once you have opted-in to open banking, you can securely share your account summary, balances and transaction history for your Qantas Money credit card.

Is Open Banking safe to use?

Yes, there are strict rules and security protocols in place to protect your information.

Strict accreditation criteria

To request access to your data through open banking, third parties must be accredited by the Australian Competition and Consumer Commission (ACCC). They have set strict accreditation criteria, as well as privacy and information security standards.

One-time password verification

You’ll never need to give your Qantas Money credit cards password to a third party. If you choose to share your banking data with an accredited open banking participant, a one-time password will be sent to you via SMS to your security-registered phone number to help identify you.

Secure transmission process

Once you have been identified, your data will be transmitted to the third party through a secure connection. This connection is governed by strict terms and conditions defined by the ACCC on how your data must be secured.

Discover tips on how to stay safe online when using Open Banking here.

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