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 banking 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.
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 Kogan Money Credit Card.
How to share your data
Open banking is an opt-in process. Here is how it works:
Agree to share information with a third party
To provide you with a new or improved service, an accredited third party may ask you to share your applicable information with them.
They’ll tell you what data they need, and how long they want you to share it for. This may be once-off, or ongoing data sharing for up to 12 months.
Choose which information to share
You choose which data to share with the accredited third party and for how long.
To share this data, you’ll be redirected to the Kogan Money Credit Cards website. Follow the prompts that appear on the screen.
- Enter your Kogan Money Credit Cards User ID.
- A one-time password will be sent to your SMS security registered phone number. You’ll never be asked to enter your Kogan Money Internet Banking password to share your data.
- Enter this one-time password and follow the prompts to confirm what data you’d like to share.
- We’ll share your data with that organisation using a secure connection.
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 Kogan 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.
How to stop sharing your data
You’ll have full control of this data sharing. Your data can’t be shared without your consent and you can stop sharing at any time.
To access your data sharing dashboard via Kogan Money Credit Cards Online:
- From the home screen, click the “Profile” icon at the top right and select “Data Sharing Permissions”.
To access your data sharing dashboard via Kogan Money Credit Cards Mobile App:
- In the home screen, select “More”, then “Data Sharing Permissions”, then tap Data Sharing Consents.
To stop sharing your data, follow these steps within your data sharing dashboard:
- Select the relevant organisation, then select Stop Sharing.
- If the “Are you sure?” window displays, select Stop Sharing again.
- A confirmation message then displays.
Deleting your data
If you decide to stop sharing your data, the accredited third party will give you the
option to delete your data from their records. If you don’t choose to have it deleted, or in cases where it can’t be deleted, the accredited third party will delete any identifiable data.