What is the Consumer Data Right?

The Consumer Data Right (CDR) allows eligible customers to conveniently access their banking data and share it with accredited third parties. In the banking sector, this is also called Open Banking.

You can choose if you want to share your consumer data with accredited third parties, and which third parties you wish to share that data with. Please see below for instructions on how to do this.

You will not be charged a fee to disclose any required consumer data.

Please see the CDR website for more information about how CDR works.

What is consumer data?

We're required to make specific types of consumer data available under the CDR regime, including:

  • Customer information such as your name and contact details (phone number, email address and residential address). If you're a business, this also includes information about your business such as your business name and ABN.
  • Account details such as your account name, account number, account balance and any authorisations on the account (i.e. direct debits, scheduled payments and payee details).
  • Transaction information such as the date of transactions, amount credited or debited and simple categorisation of the transaction (e.g. whether the transaction is a fee or interest).
  • Product specific data such as the product type, price (including fees, charges and interest rates) and associated features and benefits (including discounts and bundles).

Who is eligible for consumer data sharing?

Only eligible CDR consumers are permitted to share consumer data. 
 

Business/entity customers

A business/ entity customer (e.g. a company, trust or partnership customer) is an eligible CDR consumer if:

Individual/sole traders

A person is an eligible CDR consumer if they:

  • are 18 years of age or older; and
  • hold an eligible Macquarie Business Banking Product that can be accessed via Macquarie Business Online.
Joint accounts

Joint account holders with two or more individual account holders are eligible to share consumer data if:

  • each account holder is 18 years of age or older; and
  • holds an eligible Macquarie Business Banking Product that can be accessed via Macquarie Business Online.

The default setting for joint accounts (where each joint account holder is an eligible CDR consumer) is that either account holder is eligible to consent to the disclosure of CDR data. This means that any joint account holder can initiate or stop the sharing of CDR data from a joint account without further approval from other account holders. 

Any joint account holder can also independently disable the account from data sharing altogether. If an account is disabled:

  • account holders will not be allowed to enter into any new data sharing arrangements;
  • any existing data sharing arrangements will be paused; and
  • the consent of all joint account holders will be required to re-enable data sharing.

If you’d like to change these default settings, you can manage your CDR disclosure preferences by following the below steps at Macquarie Business Online:

  1. Log in to Macquarie Business Online
  2. Select the account you would like to manage disclosure options for from the Accounts side menu
  3. Select Details
  4. In Account details select the Manage tool next to CDR disclosure option
  5. Select Change to update disclosure option
  6. If changing to the:
    • non-disclosure option (i.e. if you would like to independently disable the account from data sharing altogether), this action is now complete
    • pre-approval option (i.e. if you would like to re-enable the account for data sharing), all other Joint Account holders will need to log in and navigate to the same Account details screen and select Review next to CDR disclosure option. Once all Account Holders have approved this change to the pre-approval option, data sharing will be restarted for active data sharing arrangements on selected account.
Secondary users

An individual CDR consumer who is an account holder can nominate another person to be a secondary user. As a secondary user, that person can authorise data sharing from the individual CDR consumer’s account on their behalf.

Please refer to the How to appoint or revoke a CDR secondary user section for more information.

Macquarie products included in Open Banking

Eligible account holders can instruct us to share consumer data for the following products that are issued by Macquarie Bank:  

  • Macquarie Business At Call Investment
  • Macquarie Business Term Deposit
  • Macquarie Business Cheque
  • Macquarie Regulated Trust
  • Macquarie Property Versatile
  • Macquarie Property Essential
  • Macquarie Property Plus
  • Macquarie ONE ResiONE/Macquarie Advantage Resi
  • Macquarie ONE HomeONE
  • Macquarie Fully Drawn Advance (including Specialist Exertion Loan)
  • Macquarie Smart Business Loan
  • Macquarie ONE CommOne
  • Macquarie ONE ResiBIZ/Macquarie Advantage Business (Resi)
  • Macquarie ONE CommBiz
  • Macquarie SMSF Property Loan
  • Macquarie Revolving Line of Credit
  • Macquarie Business Overdraft.

A list of Macquarie's Personal Banking products included in Open Banking is available in our article Open banking and the Consumer Data Right.

How to share your consumer data

If you’re eligible for consumer data sharing and hold an eligible Macquarie Business Banking Product in the name of:

  • an individual or sole trader - you can share consumer data for your account(s) without appointing a nominated representative; or
  • a company, trust or partnership (Entity) - you’ll first need to appoint a nominated representative (see How to appoint a nominated representative section). Once appointed, the nominated representative can then follow the below steps to start sharing data on behalf of the Entity.
To share consumer data:

First, you’ll need to initiate the data sharing process by going to the accredited data recipient you want to share your consumer data with.

You can then select Macquarie Bank and you will be redirected to us so we can:

  1. authenticate it's you using your Macquarie ID
  2. send you a One-Time Password (OTP) via Macquarie Authenticator or SMS
  3. allow you to select the accounts you'd like to share consumer data for (if applicable)
  4. obtain your authorisation before we disclose your nominated consumer data.

Please note, we’ll never ask you to give your Macquarie login and password to an accredited data recipient for consumer data to be shared.

If you’re having trouble connecting your Macquarie accounts to an accredited data recipient, please call us on 1800 620 673 (+61 2 8245 4177 if calling from overseas).

How to appoint or revoke a nominated representative

To share consumer data from your company, trust or partnership (Entity) account, you’ll need to first appoint a nominated representative. A nominated representative is a person that is appointed to give, amend and manage authorisations to share consumer data from (and on behalf of) your Entity’s accounts with accredited data recipients.

You can appoint a nominated representative by completing the CDR Nominated Representative Authority form. The form can also be used to revoke a nominated representative that you’ve appointed in the past.

To appoint or revoke more than one nominated representative, you’ll need to complete a separate form for each nominated representative.

Please note, revoking a nominated representative only removes their authority to share CDR data - it does not remove their existing access to the Entity’s accounts via Macquarie Business Online. To have this access removed, please call us on 1800 620 673.

Who can be appointed as a nominated representative?

A nominated representative must:

  • be an individual that is 18 years or older; and
  • have access to Macquarie Business Online.

If the nominated representative doesn’t have access to Macquarie Business Online, please contact your relationship manager or call us at 1800 620 673 (+61 2 8245 4177 if calling from overseas).

What happens to existing data sharing authorisations if I remove a nominated representative?

If you revoke a nominated representative from an account, existing data sharing authorisations will remain in place until they expire within the timelines specified in the Australian Consumer Data Right legislation, rules and standards.

If you would like to stop all existing data sharing authorisations that were set up by the nominated representative for this account, you’ll need to provide us with specific instructions by completing the relevant section of the CDR Nominated Representative Authority form.

Please note, revoking a nominated representative only removes their authority to give, amend and manage authorisations to share consumer data on behalf of your Entity. It doesn’t remove their existing electronic banking access to the Entity’s accounts. To remove electronic banking access, please complete the Amend Electronic Banking Access form.

How to appoint or revoke a CDR secondary user

Accounts that are held by an individual (or multiple individuals e.g. joint accounts) can be enabled to allow a third party (secondary user) to share consumer data from the relevant account with accredited data recipients.

Who can appoint a secondary user?

An eligible individual CDR consumer who is an account holder can appoint or remove a secondary user.

Who can be appointed as a secondary user?

A secondary user must:

  • be an individual that is 18 years or older;
  • have access to Macquarie Business Online
  • have the ability to transact on the relevant eligible Macquarie Business Banking Product; and
  • have secondary user permissions enabled by the account holder.

To appoint, remove or manage secondary users for a particular account, any account holder can follow the below steps in Macquarie Business Online:

  1. Log in to Macquarie Business Online
  2. Select the account you would like to manage secondary users for from the Accounts side menu
  3. Select Details
  4. In Account details select the Manage tool next to CDR secondary sharing
  5. Select Manage next to the secondary users name
  6. Select Change to update data sharing permissions

Manage your preferences for consumer data sharing

You can view your current arrangements to share consumer data through Macquarie Business Online:

  1. Log in to Macquarie Business Online
  2. Select the drop-down alongside your profile icon in the top right-hand corner
  3. Select Security
  4. Under Connected third-party providers, select Manage next to the accredited data recipient.

Stop sharing your consumer data

If you want to stop sharing your consumer data with an accredited data recipient, you can do so through Macquarie Business Online:

  1. Log in to Macquarie Business Online
  2. Select the drop-down alongside your profile icon in the top right-hand corner
  3. Select Security
  4. Under Connected third-party providers, select Manage next to the accredited data recipient
  5. Select stop sharing and confirm to stop sharing now.

You can also call us on 1800 620 673 (+61 2 8245 4177 if calling from overseas), and we can assist with withdrawing your authorisation to share your consumer data with an accredited data recipient.

It’s important to know that when you ask us to stop sharing your data with an accredited data recipient, they’re required to either delete or de-identify your consumer data when it is no longer required. We recommend you refer to the terms and the CDR Policy of the accredited data recipient to determine how they’ll handle your data once it’s no longer required.

Closed accounts and data sharing

If you have an existing data sharing authorisation for an account that is closed, we’ll continue sharing data for all accounts under the authorisation, including the closed account, until the authorisation is amended, revoked or expires.

Please note, you can request consumer data sharing for eligible accounts that have been closed for less than 24 months, but only if you also hold at least one open eligible product that can be accessed via Macquarie Business Online.

Make changes to incorrect data

If you notice any of your consumer data shared with an accredited data recipient is incorrect, please contact us on 1800 620 673 (+61 2 8245 4177 if calling from overseas).

Once we’ve reviewed, you’ll receive an email from us outlining:

  • what has changed
  • if the consumer data wasn’t updated, why we didn’t consider it necessary to do so, and
  • the complaint mechanisms available to you.

How Macquarie manages and protects your consumer data

We’re committed to ensuring your data is kept safe, including under Open Banking.

Data recipients must be accredited with the Australian Competition and Consumer Commission (ACCC) and comply with various privacy safeguards and security controls under the Consumer Data Right (CDR) legislation, rules and standards. Please note, we’ll never ask you to give your Macquarie login and password to an accredited data recipient for consumer data to be shared.

There may be circumstances where we refuse to ask for an authorisation in relation to a consumer data sharing request or may suspend or revoke any or all access to the sharing of your consumer data with an accredited data recipient including where:

  • the accredited data recipient has lost their accreditation under the CDR
  • we consider it necessary to prevent physical or financial harm or abuse;
  • we’re required by law or court order or requested by any regulatory body, law enforcement or other government agency; or
  • we determine there is another reasonable cause, including those related to compliance, technical or security issues to protect our Open Banking service.

For full details please refer to our CDR Policy.

Requests information on how we share consumer data

You can request copies of records for the following: 

  • Authorisations given by you to disclose consumer data.
  • Any amendments to or revocations of an authorisation to disclose consumer data.
  • Where Macquarie Bank has disclosed CDR data in response to consumer data requests from accredited data recipients you have authorised.
  • Any CDR complaint data in relation to CDR that you have raised directly with us.

To request a copy of these records, please contact us on 1800 620 673 (+61 2 8245 4177 if calling from overseas).

Product Reference Data

Under the Consumer Data Right regime, banks are required to make available Product Reference Data about certain specified products they publicly offer. This includes information such as interest rates, fees, charges and eligibility criteria.

Product Reference Data is currently available for the following Business Banking products:

  • Macquarie Business Term Deposit
  • Macquarie Business Transaction Account
  • Macquarie Bank At Call Investment Account
  • Macquarie Business Regulated Trust Account
  • Macquarie Cash Management Account (CMA)
  • Macquarie CMA Accelerator (Accelerator)
  • Macquarie Property Versatile
  • Macquarie Specialist Exertion loan
  • Macquarie CommOne
  • Macquarie Fully Drawn Advance
  • Macquarie Line of Credit
  • Macquarie Overdraft Account
  • Macquarie Smart Business Loan.

The current Product Reference Data for Personal Banking products is available in our article Open banking and the Consumer Data Right.

You can find information on how to access Product Reference Data on our developer website, devXchange.

Features currently not implemented in Open Banking


Currently, we have no further actions remaining with a rectification date. See a full schedule of all implementation gaps listed within the CDR regime at ACCC’s Rectification Schedule.

Need help?

If you have any questions about Macquarie Bank’s Open Banking service, please call us on 133 174  (+61 2 8245 4470), 24/7.

Feedback

For Macquarie Bank customers, you can submit any feedback or complaints you may have about consumer data sharing via our Feedback and Complaints form.

For third parties, including accredited data recipients, any feedback or complaints on our implementation of the CDR can be submitted via our developer portal.

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