Overview
To support Open Banking, certain actions must be completed for AMP Bank before authorisation can be granted, allowing BGL and Skript to receive bank data.
Pre-Consent: What needs to be done before Authorisation?
For business, trust or other organisation type (including SMSFs)
To share data you must appoint a CDR nominated representative by completing the Open Banking data sharing authority form. This form can also be used to remove someone you’ve appointed in the past. CDR nominated representatives have the authority to initiate and manage data sharing on behalf of the company, corporate trust, partnership, or other organisation in My AMP. You can appoint more than one nominated representative.
Directors/partners can appoint themselves and/or other representatives as CDR nominated representatives using the form.
Directors/partners who aren’t CDR nominated representatives can view details of all data sharing arrangements consented to by nominated representatives in My AMP, but can’t manage data sharing.
To be eligible for nomination, the person/s must have access to the organisation’s account online at My AMP. If they don’t have access, please complete a Third Party Access form for each nominated representative. If you’re not sure if the person to be appointed already has access, call us on 13 30 30.
If an account has multiple nominated representatives, and one is removed, data sharing will continue on behalf of the account holder. Data sharing will cease when all nominated representatives have been removed.
For individual , joint account and sole trader:
All eligible accounts are set to ‘sharing enabled’ as a default.
To enable data sharing on a joint account, all account holders must ensure that their data sharing preference is set to ‘sharing enabled’.
Account Eligibility
You can share data on the following accounts as long as the account and the person requesting to share data is eligible:
- Savings and transaction accounts
- Term deposits
- Offset accounts
- Home and investment loans (including AMP Bank's "Line of Credit" product)
- Business loans (including AMP Bank's "Line of Credit" product).
You can also choose to share data on an account that has been closed for less than 24 months, provided you still have at least one account with the same BSB as the closed account/s open with AMP. For example, if you held two accounts with AMP Bank, one with BSB 939-200 and one with BSB 939-900, and you close the one with BSB 939-200, you will not be able to share data from that closed account.
You can share data on accounts held in your personal name as well as joint accounts held with other individuals.
Data sharing is also available to accounts held by a single company, a single corporate trustee, and other organisations, including partnerships.
All AMP Bank deposit, home loan and business loan accounts can share data under the Consumer Data Right. However, some accounts will be limited in how they can share data and may only be able to share identifying information (customer data) about the prime contact on the account.
PLEASE NOTE: Separate consents and data sharing arrangements will be required for accounts with different BSB numbers. For example, if you held two accounts with AMP Bank, one with BSB 939-200 and the other with BSB 939-900, you’ll need to set up separate data sharing arrangements for each of the accounts.
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