What is Open Banking?
Open Banking gives you greater control of your banking data, it was introduced by the Australian Federal Government as part of an initiative called the Consumer Data Right (CDR) which enables the safe and secure transfer of consumer data. Open Banking gives you the right to direct IMB to share your CDR data securely with other participating accredited parties you may trust – like other banks, financial apps or budgeting services which you might use. Sharing your CDR data can help you:
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Sharing CDR data
Who can share CDR data?
IMB's CDR Policy This document provides more information about CDR data sharing and how it works, including privacy and security information and how to make a CDR complaint. Download our Consumer Data Right Policy (PDF) |
What CDR data can I share? If eligible, you’ll be able to share your customer, account, transaction, scheduled payments, direct debits, and payee history data for the following types of accounts:
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How to set up and manage CDR data sharing |
Step 1An Accredited Data Recipient sends us a request to start sharing your IMB CDR data |
Step 2You enter your member number and we send a OTP via SMS for authentication |
Step 3We present the accounts available to share your CDR data. You authorise which accounts, for how long and what type of CDR data you want to share |
Step 4We then notify you by SMS that your consent has been provided to share your CDR data. |
We are an accredited providerOnly organisations accredited by the Australian Competition and Consumer Commission can collect and use your CDR data. |
Frequently Asked Questions
When did IMB launch Open Banking? |
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). |
Is Open Banking secure? |
Yes. Customer data security is important to IMB and all requests to access your CDR data must be initiated by you, through a secure environment. IMB cannot do this on your behalf. Accredited Data Recipients who are providing services by Open Banking must comply with privacy and security requirements and be accredited by the Australian Competition and Consumer Commission (ACCC). |
Can I opt out of Open Banking? |
It is your choice to use Open Banking. Open Banking requires you to authorise any sharing of CDR data. If you change your mind, you can revoke your authorisation to share CDR data with ADRs at any time using your data sharing dashboard in IMB Internet Banking. |
Viewing my CDR data sharing arrangements in Internet Banking |
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Can I cancel my consent? |
Yes, you can cancel your consent at any time through Internet Banking. Once your permission for us to share your CDR data has been cancelled, we will no longer share your CDR data and will provide you with a notification. |
What products are available? |
Eligible IMB members can request to share their CDR data for certain IMB products including their IMB savings and transactional accounts, term deposits, credit cards, home loans, personal loans, business loans, overdrafts, lines of credits and numerous other products. However, IMB has been granted an exemption by the ACCC from making available and providing CDR data in relation to its Retirement Savings Accounts (RSAs). IMB has ceased offering RSAs to new members and the number of active RSAs is very low. IMB is therefore not required to develop the extensive technology infrastructure required to obtain and share the relevant CDR data for this product. |
How do I authorise Third Party Products? |
IMB Mastercard* - To start the authorisation process, you will need to go through the Accredited Data Recipient (ADR) you wish to share your CDR data with. Through their CDR data sharing portal, you will be connected to the Citi authorisation portal to provide your authorisation.
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How long does my consent remain active? |
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 limit for consent to remain active is 12 months, before it will expire. If you would like to continue sharing CDR 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 CDR 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. This can only be activated through the ADR. You may choose to create more than one consent or different consents for different accounts, depending on the CDR data you wish to share and the length of consent you would like to give. |
Why are some of my accounts not visible or unavailable to share? |
Certain accounts may be unavailable due to the following:
Meanwhile, other accounts may not be visible as you may have chosen not to have access to these accounts. |
Will I be charged a fee? |
Under the CDR legislation, we will not charge you to share your CDR data with an accredited third party. We won’t charge an accredited third party to access your CDR data either. |
How do I manage my CDR data sharing preferences? |
You can view or withdraw your consent for your CDR data sharing arrangements at any time through Internet Banking by going to the Data Sharing tab and selecting Consents. You can also manage your sharing preferences by calling us on 133 462. |
Where can I go for further information? |
For more details on the Consumer Data Right, please refer to IMB’s CDR Policy or visit cdr.gov.au |
How do I enable a joint account for CDR data Sharing? |
In accordance with the relevant CDR legislation, eligible joint accounts are already set up for CDR data sharing and you won’t need approval from other joint account holders to share your CDR data with participating accredited parties. Any eligible joint account holder can stop their CDR data from their joint account from being shared with participating accredited parties at any time. If you choose to disable your joint account, you and all other joint account holders will need to approve and re-enable your consents for CDR data sharing. To enable CDR data sharing (in Internet Banking):
All joint account holders must follow steps above and select ‘Authorise’ within seven days of the request being created, or the request will expire. Please note:
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How do I change my joint account CDR data sharing notifications? |
When you are the one sharing joint account CDR data you will receive notifications via SMS, this cannot be disabled. When another joint account holder shares CDR data relating to an eligible joint account, the other joint account holders will receive a notification via SMS. You can use IMB’s Internet Banking to manage whether you wish to receive these notifications, and how you wish to receive them – either via SMS or email (or both). To manage your joint account CDR data sharing notifications, login to Internet Banking, select Alerts, then Register and De-register. When you are the one sharing joint account data you will receive notifications via SMS, this cannot be disabled. |
Will I have to share my password with a third party? |
Giving your IMB Internet Banking password to a third-party breaches IMB's Internet Banking terms and conditions. When you use open banking, you won't be asked for your banking password; a one-time password will be sent to your phone instead. |
What is a Secondary User? |
Secondary Users are individuals that have been granted permission by an account holder to share CDR data for that account. IMB refers to Secondary Users as both an:
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What is the eligibility criteria for Secondary Users? |
For a Secondary User to be able to share CDR data in relation to an IMB account they must meet the following eligibility criteria:
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What can Secondary Users do ? |
Once they have been authorised to share data about an account by an account holder, a Secondary User can choose to share account data, transaction details and product specific CDR data with an ‘Accredited Data Recipient’. They are not able to share the customer data of the account holder/s. A Secondary User cannot:
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Can an account holder enable or disable CDR data sharing capability for a Secondary User? |
An account holder can enable or disable CDR data sharing capability for a Secondary User by:
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What happens when a Secondary User is Disabled? |
When an account holder disables the authorisation of a Secondary User to share CDR data about their account:
When an account holder disables the authorisation of a Secondary User this only removes their ability to share CDR data about that account. Their removal as a Secondary User has no effect on their transactional banking access or any other entitlements they have to that account as an ATO or POA (e.g. the ability to perform transactions or seek information from IMB about the account. To remove an ATO or POA access to your account please contact IMB on 133 462 or visit an IMB Branch. |
I am an Account holder and have an ATO on my account. I do not want them to be able to share CDR data about my account as a Secondary User. How do I confirm this? |
An ATO that you have appointed on your account cannot automatically share CDR data about that account as a Secondary User. As the account holder, you control whether you wish to enable them to share CDR data about your account or not. By default, Secondary Users are not able to share CDR data and must first be enabled by you as the account holder to do so. To check who you have enabled to share CDR data on your account, select the Data Sharing tab, then ‘Sharing Permissions’ in Internet Banking. |
I am enabled as a Secondary User so why can’t I share CDR data on the account? |
If you are enabled as a Secondary User to share CDR data about an account, but that account is not showing as available when you attempt to provide a new consent or make a CDR data request, it is likely that one of the following eligibility criteria is not being met: The account holder/s of the relevant account must be eligible to share data:
You as the Secondary User must meet the following eligibility criteria:
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I’m an IMB business member, can I share data about my IMB business accounts through the Consumer Data Right (CDR)? |
Yes. The individuals that control a business entity are able to authorise one or more individuals as Nominated Representatives to share CDR data about the accounts held by a business member with IMB and manage the CDR data sharing arrangements on behalf of the business. |
How do I share CDR data on my IMB business accounts? |
To share CDR data about your business accounts, one or more Nominated Representatives must be authorised by the individuals that control the business - depending on the type of business, these authorisations will need to be made by one or more owners, directors, partners, trustees or Committee members. Once an authorisation is made, the Nominated Representative/s can then share and disable CDR data sharing arrangements on behalf of the business. Contact us on 133 462 or visit a branch for information about how to authorise a Nominated Representative for your business. |
How do I authorise a Nominated Representative to share CDR data for my Business? |
The individuals that control your business will need to complete the 'Business Member CDR Data Sharing Nomination & Cancellation Form’. Click here for the form, or alternatively, please contact us on 133 462 or visit a branch for assistance. |
As a Nominated Representative of an IMB business account, what can I do? |
Once properly authorised by the individual/s that control an IMB business account, a Nominated Representative can within IMB Internet Banking, view and manage (stop) consumer data sharing arrangements for the business on any of the eligible open and closed accounts held by the business with IMB. IMPORTANT: a Nominated Representative will be able to share CDR data (including transactions, balances and payees) for all accounts owned by the business. This includes accounts closed within the last two years and accounts the Nominated Representative may not have transactional access to currently within their IMB Internet Banking profile. For example, an individual may only have access to complete transactional banking on one of the business’ accounts (e.g. daily transactional account) as an Authority to Operate, however, via consumer data sharing, a Nominated Representative can share CDR data (not transact) on any accounts held by the business which may include other savings, investment and loan accounts. If a Nominated Representative’s authority is removed by the individuals that control the business:
To stop a consumer data sharing arrangement established by a Nominated Representative, or, to remove an individual as a Nominated Representative you will need to complete the 'Business Member CDR Data Sharing Nomination & Cancellation Form’. Click here for the form, or alternatively, please contact us on 133 462 or visit a branch to assist further. |
Can I authorise more than one Nominated Representative to manage CDR data sharing for my IMB business accounts? |
Yes. The individuals that control a business member can authorise one or more Nominated Representatives to share CDR data on all eligible IMB accounts that are owned by the business. Please contact us on 133 462 or visit a branch for further assistance. |
I am a Nominated Representative for an IMB business member, so why can’t I share CDR data about an account? |
If you are a Nominated Representative but can’t share CDR data about a business account, it is likely that one of the eligibility criteria has not been met:
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What is the eligibility criteria for a Nominated Representative? |
For a Nominated Representative to be able to share CDR Data in relation to an IMB account held by a business, they must meet the following criteria:
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Can I share both my personal accounts and business accounts in the same consent I create with an Accredited Data Recipient? |
No, the ability to share CDR data for personal accounts (individual or jointly owned) is managed separately to a CDR data sharing arrangement for business accounts. For example, if you wish to share CDR data for ABC Pty Ltd as a Nominated Representative you will need to create a separate CDR data sharing consent purely for accounts owned by ABC Pty Ltd, versus any CDR data sharing consents for your personal accounts (individual or jointly owned). |
Information for developers
On 1 October 2020 IMB commenced sharing product data publicly through our secure application program interfaces (APIs). This includes information about the products we offer – including features, rates, fees, and charges related to these products. We do not accept requests for voluntary product data.
Why choose us?
Established in 1880, IMB Bank is one of the most enduring financial institutions in the country, helping people achieve their financial goals for over 140 years. Our members can access a fully featured range of services: home and personal lending, savings and transaction accounts, term deposits, business banking, and more.
Our renowned personal service is backed by innovation, providing convenient, secure digital banking options where and when you want it. IMB also has a growing retail branch network throughout NSW and Victoria, for when you need to speak to someone in person, and a team of professionals at our locally based contact centre. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you.
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