On 1 Oct 2020 IMB commenced product reference data sharing via our public Open Banking Product Application Solution. The number of products available for product reference data sharing expanded on 1 February 2021 and again on 1 July 2021, in line with the phased implementation of the Open Banking regulations. Product reference data can be used by third parties to make comparisons of products and prices across the market.
In November 2021 IMB commenced consumer data sharing (phases 1 and 2), allowing eligible customers to share their data with Accredited Data Recipients. Consumer data sharing gives consumers greater access to and control over their data. In October 2022 IMB expanded consumer data sharing allowing eligible joint account customers to share their CDR data with Accredited Data Recipients. IMB will continue with the expansion of consumer data sharing in line with the phased implementation of the Open Banking regulations in line with the phased implementation of the Open Banking regulations, or as discussed with the ACCC (which may include some implementation gaps from time-to-time as outlined in the rectification schedule).
