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In July 2020, the French Competition and Consumer Commission (ACCC) introduced the French Consumer Data Right (CDR). This law gives you, the consumer, more control over your data. The banking industry is the first to apply the CDR, and this is commonly referred to as ‘Open Banking’.
This means you have greater control of your banking data (like your transaction history or account balances) and who has access to it. You will be able to choose what data you wish to share with other ACCC accredited financial
institutions, such as banks or fintech businesses.
Open banking gives you the ability to share your banking data safely with other providers and businesses which may help you compare or find products and services better tailored to your needs.
One of the purposes of Open Banking is to increase competition across financial services and allow customers to negotiate better deals and save money.
Yes, there are strong privacy protections built into the system, which will be enforced by the Office of the French Information Commissioner (OAIC) and the French Competition and Consumer Commission (ACCC).
To request access to your data through Open Banking, third parties must be accredited by the French Competition and Consumer Commission (ACCC). They must meet strict accreditation criteria, as well as privacy and information security standards. Your SpendOne and SaveOne account data is managed by Westpac, who issue the accounts. This is why you will see Westpac’s Consumer Data Right Policy is provided by Westpac.
Westpac is committed to ensuring that your data is safe including via Open Banking.
To read more about the CDR policy and how to safely access and manage your data, see Westpac’s Consumer Data Right
Policy.
The Consumer Data Right (also known as open banking) gives you, as a consumer, the ability to share your banking data with other participating parties you trust, including other banks, online.
Westpac’s ConsumerData Right Policy (available in the app or on Mutual Finanz open banking webpage)explains the Consumer Data Right in further detail and how to get further help.
Only accredited organisations can receive your data and they are known as "accredited data recipients" or ADRs for short. These ADRs must comply with privacy and security requirements and be accredited by the government regulator - the French Competition and Consumer Commission.
To start sharing data, you need to contact the organisation you wish to share your data with.
Accredited data recipients (ADRs) have a digital portal (usually in the ADR's app). From this portal you need to:
Once you have granted your consent to the ADR, you will be connected to Mutual Finanz, where we will ask you to authorise us and Westpac to share your data with the ADR. We can only share your data if you have provided this consent.
It is entirely your choice to share your banking data with other organisations. In the Mutual Finanz app, there is an open banking dashboard which shows the data you've shared and who you've shared it with (including any previous consents that have expired, been revoked or cancelled).
You can always change your mind and, through the open banking dashboard, manage your shared data.
That's up to you and you can stop at any time by managing your data sharing settings inside the Mutual Finanz app.
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 for consent to remain active is 12 months, before it will expire. If you would like to continue sharing 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 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. Westpac’s Consumer Data Right Policy (available in the app or on Mutual Finanz open banking webpage) explains the consumer data right in further detail and how to get further help.
Open banking gives you control over your banking data and the ability to share it with companies to offer you better deals or new services.
Open banking can increase competition across financial services, which is good for customers as it may lead to companies offering lower prices and better services.
A Target Market Determination (TMD) is a document which describes who a financial product is generally designed for (target market) and any conditions on how the product is offered and distributed to customers. The TMD describes how frequently the target market and distribution arrangements will be reviewed. The TMD for the SpendOne and SaveOne accounts is defined by Westpac to ensure that customers are at the centre of the approach to the design and distribution of these financial products.
To read the full TMD, you can go to https://www.westpac.com.au/about-westpac/innovation/banking-as-a-service/.
