Open Banking

Open Banking gives eligible individual  RAMS customers the ability to share their banking data with other parties they trust, including other banks, online.

Data sharing for non-individual RAMS customers including organisations and trusts is not yet available and will be enabled in line with the Federal Government’s implementation timeline (see https://www.cdr.gov.au/rollout for more information).  

What is the Consumer Data Right?

On 1 November 2021, RAMS enabled data sharing for mortgage accounts for individual customers. This is in addition to savings and transaction accounts which have been available for data sharing since 1 July 2021. 

We are pleased to announce that Westpac Group has been approved by the ACCC as an Accredited Data Recipient (ADR) under the Consumer Data Right. We will continue to provide updates on data sharing offerings for customers and how you can benefit from Open Banking.

What's new for Open Banking?

On 4 August  2022 RAMS commenced the implementation of data sharing for joint accounts held by individual customers.  

Key changes:

1. RAMS will enable all eligible joint accounts for data sharing, consistent with the Consumer Data Right rules and obligations.

2. When a joint account is ‘enabled’ for data sharing, any account holder will be able to authorise consent to data sharing with an Accredited Data Recipient (ADR). When the joint account is ‘enabled’, any Open Banking data sharing authorisations created by one account holder are taken to have been pre-approved by all account holders. This means that any joint account holder can authorise RAMS to share data on the joint account with an ADR, without requiring further approval from any other joint account holder, when RAMS receives a valid data sharing request from an ADR in respect of that joint account. This is despite any existing banking authorities that apply to the joint account (e.g., 'more than one to sign', etc).

3. Any joint account holder can at any time view the joint account's data sharing consent or change it to disabled at any time through the online consent dashboard in myRAMS. Once the data sharing is set to disabled:

(a) data sharing will cease for the joint account with respect to any existing data sharing authorisations; 

(b) no joint account holder will be able to share data from that account;

(c) any subsequent request made on the online consent dashboard through internet banking in myRAMS to enable data sharing on the joint account will need to be approved by all joint account holders within a specified period of time.

Joint account holders will always be notified whenever the data sharing status of the joint account changes.

Consumer data sharing for Open Banking commenced for RAMS on 1 July 2021, with savings and transaction accounts, personal and mortgage accounts available for data sharing. 

Check the updated List of Accounts, to see which account products are currently eligible for Open Banking.

Consumer Data Right (CDR) Policy

RAMS is a member of the Westpac Group.  The Westpac Group CDR Policy provides information about how RAMS manages data under the Consumer Data Right. 

Consumer Data Right (CDR) Policy (PDF 1MB)

List of Accounts

This document provides a list of all RAMS accounts eligible for data sharing through Open Banking.

Self-reported implementation gaps we’re rectifying 

To learn more about our implementation gaps, please see the table below: 

To see the implementation gaps for Westpac Group, please check the ACCC rectification schedule  (under the section Major Data Holders, for Westpac).