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Open Banking FAQ

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Open Banking

Open banking gives you the ability to share your banking data with third parties that have been accredited by the ACCC.
 

 

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  FAQ

What is Data Sharing?

Data Sharing allows you to share selected data from your nominated accounts with an Accredited Data Recipient in order to use the services they offer.

An Accredited Data Recipient will provide a Consent Request service that allows you to securely connect to LCU to authorise us to share your data with that Data Recipient.

Only data you authorise us to share will be available to your Accredited Data Recipient and will only be shared for the period you consent to.

The Accredited Data Recipient will have policies and procedures in place as to how your data is used and what happens to that data when you stop sharing that data.

You may exit from the consent process at any time prior to approval and you will be returned to your Accredited Data Recipient's internet site.

You can also stop sharing at any time.

Data Groups

Data Groups or Clusters allow you to authorise sharing of data within groups of related data. These data groups are presented under Cluster headings in our Consent Authorisation workflow and within your Consumer Dashboard. Each Cluster can be expanded to provide you with a list of the specific data you are authorising, or have authorised, to share.

What happens to my data?

Once you have authorised LCU to share your data we will share the selected data with your Data Recipient on the agreed frequencies.

Your Accredited Data Recipient will use the data to provide the services or products that you have consented to.

Your data may either be deleted or de-identified when it is no longer required.

Your Accredited Data Recipient will have specific policies in place for how they handle your data once it's no longer required.

Accredited Consumer Data Right Recipient

Accredited Consumer Data Right Recipients will only be able to access your data if you provide your consent. In consenting to share data you will be able to authorise the data you want to share with your selected Accredited Data Recipient. You can also stop sharing at any time via your Consumer Dashboard with the Accredited Data Recipient, your LCU dashboard or by contacting us. 

Why can't I share accounts?

Some Joint Accounts, Business related accounts, closed accounts or blocked accounts may not be eligible for Consumer Data Sharing. Joint Account sharing is limited by the number of Joint Account Holders while Account Holder age limits are also applied when determining if an account is available to share. Please contact us for more information relating to the availability of your accounts.

Consumer Dashboard

LCU provides you with a Consumer Dashboard where you are able to review all your Data Sharing arrangements. You can also request us to stop sharing your data. This dashboard will be available from within your internet banking.

Withdrawing Consent

You may stop sharing your data at any time via your Consumer Dashboard or in writing to us. You may also stop sharing by notifying your Data Recipient.

If you stop sharing your data the services provided as a result of this sharing arrangement may be impacted. You should check with your Data Recipient before you stop sharing your data to understand the consequences.

Managing an Accounts Sharing Status

Open Banking Consent Management allows you to change the sharing status of accounts previously selected during consent authorisation.

Changing approval status of eligible accounts can be performed in the Accounts Shared section of an active sharing arrangement on your Consumer Dashboard. 

This will allow you to withdraw sharing approval for an existing account, or reinstate sharing of a withdrawn account approval at a later time.

These changes will only be applied to the sharing arrangement being maintained.

Only accounts that are currently eligible for data sharing will allow sharing to be withdrawn or reinstated.

Sharing status of a joint account may be withdrawn by any joint owner of the account, but only the account holder performing the approval withdrawal will have the ability to reinstate sharing. 

Sharing of joint accounts can only be reinstated if sharing is still approved by all account holders in the Joint Account Service.

 

  First Time Setup, Managing & Revoking Consent

Open Banking data sharing is initiated by the Accredited Data Recipient. So whichever service you are using will ask you what data you wish to share, and once all information is confirmed you will select your financial institution and be redirected to an LCU page where you will be asked to enter your member number. You will then receive an SMS One Time Password which you will need to enter to confirm your consent to share your data. 

Once the arrangement is in place, you can view and revoke your consents via LCU Internet Banking or the LCU Banking App. 

In Internet Banking, simply head to Accounts > Data Sharing and you can see your active consents, edit which accounts are being shared, or stop the data sharing arrangement altogether. 

In the LCU Banking App, head to Additional Services > Data Sharing and you will see the same dashboard. 

 

  Additional information