How safe is open banking in Australia?
Open Banking is a carefully regulated government initiative which can only be used by Accredited Data Recipients (ADR) registered with the ACCC.
Secure method of sharing data
When sharing financial data, a consumer is not required to to disclose their login and password details to the ADR (as they log in via the interface of the financial institution).
Full control
Consumers also have full visibility of who they have consented to sharing the financial data with, for what purpose and for what duration, with the ability to revoke consent at any time.
Convenient and Seamless Experience
MFA within the open banking framework facilitate a seamless and user-friendly experience. Once consumers have authorised a trusted ADR, they can enjoy a streamlined and uninterrupted delivering of bank transactions.
More Live Bank Feeds
Open banking allows consumers to access and interact with a bigger range of banks and financial institutions in TaxTank. With more banks participating in open banking, consumers can save time and money!
How to Upgrade or Go Live
If you have an existing bank feed using the traditional scrapping method, or a manual bank with an available live bank feed with open banking, you can upgrade from the bank feeds tab.
Look for an 'Upgrade' or 'Offline' label, select the 3 dots, and then 'Go Live' or 'Upgrade' option from the dropdown to see a pop-up explaining the benefits of open banking. To proceed select the 'Go Live' or 'Update' button to be securely redirected to your bank or Institute to verify your identity and select the accounts you wish to share with TaxTank.
What information is shared?
TaxTank only requires basic transactional data for live bank feeds and equity forecasts for property loans. This includes:
Account Balance
Transaction Date
Transaction Description
Transaction Amount
Loan Details (if a loan account)