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What’s the issue?

Consenting to data sharing for joint accounts is complex to ensure it meets the privacy needs of all account holders.

In the initial Open Banking rules, the capability to share data from a Joint account was disabled by default. The process for sharing joint account data has been that all account holders must provide individual consent via their banking institution and its procedures. 

Due to the inconvenience of this pre-consent process and the large number of joint account holders wanting to connect their accounts, the CDR rules were changed to make joint account sharing on by default. The final changes are currently being implemented systematically.

When is it changing?

For the Big Four Banks (Commonwealth Bank, ANZ, NAB and Westpac) this functionality is already live and has been since July 2022.

From October 1 2022, all banks will be required to support the default sharing of joint accounts.

Still having issues

If a customer is not able to add a joint account after October 1, there might be an issue on the bank’s end and it is recommended they contact their institution. 

For more information visit the Consumer Data Right website, or read the Joint Account Implementation Guidance

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