Open Banking FAQ

The Consumer Data Right (CDR) is an opt-in service, giving you the choice about whether to share your data, with full visibility of who it’s being shared with and the purpose for sharing it. CDR gives you more control over your data, enabling you to access and share your data with accredited data recipients and their representatives to access better deals on everyday products and services.

Open Banking is based on CDR regime and is the name for sharing banking data under CDR rules.

You can visit What is CDR? | Consumer Data Right to get more details on Australia’s CDR.

Sharing data via Open Banking is voluntary and self-service. There is no need to opt-in. HSBC will only share your data with accredited third parties when you create a data sharing arrangement and give HSBC your approval to share.

No. The Open Banking channel is a self-service digital data sharing channel. Offline or paper-based authorisations are not supported by the CDR legislation.

Not all accounts are eligible for data sharing. HSBC enables data sharing in line with the CDR legislation eligibility requirements. 

Review the Data Sharing Eligibility Rules for more information on which customers and accounts can be shared via Open Banking.

The data sharing period is decided by the accredited third party and detailed in the data sharing arrangement for your approval. This can be for up to 12 months.

You can stop the data sharing at any time via the third party or within the HSBC mobile banking app.

Please see Manage data sharing for more details.

The data requested by the accredited third party will be detailed in the data sharing arrangement for your approval.

Please see the What type of information can be shared section to find out what types of data can be shared.

You can see the details of your active and inactive data-sharing arrangements by visiting the 'Manage data sharing' section in the HSBC Mobile Banking app.

Use the HSBC Mobile Banking app to check what active data-sharing arrangements you have in place.

Go to Profile> Manage data sharing > Data sharing arrangements.

Yes, data sharing will stop immediately after you confirm withdrawal of your data-sharing authorisation in the HSBC Mobile Banking app.

You should contact the ADR (Accredited Data Recipient) to find out which services will be affected when you stop sharing data.

You can remove your joint accounts from an active Data Sharing Arrangement.

To remove your joint account for an active data sharing arrangement, go to Manage data sharing > Data sharing arrangements. Select an 'Active' arrangement. Select the 'bin' icon next to your account to remove it.

You can not add a new account to an active Data Sharing Arrangement. If you wish to amend your data sharing - contact the accredited third party for more information.

Data-sharing arrangements are time-limited and become inactive when they expire.

Data-sharing arrangements can also become inactive if you choose to stop sharing data. Once a data-sharing arrangement becomes inactive, all related data sharing stops.

No, you cannot re-active an inactive Data Sharing Arrangement.

You may wish to contact the accredited third party to create a new data sharing arrangement.

The 'Manage data sharing' function is only available through the latest HSBC Mobile Banking app.

You can download the latest version of the HSBC Mobile Banking app from the Apple or Android App store.

The Manage data sharing function is located on the profile screen.

Please contact us for support.

Please contact us for more information.

The Open Banking solution shares the data we hold for you at HSBC. If you have identified that any of your data shared through Open Banking is incorrect, please contact us to investigate.

Data sharing is enabled by default for eligible joint accounts. You can go to Manage data sharing > Joint account permissions to view or update the data sharing permissions for your joint accounts. Any of the joint account holders can disable the data sharing permission on the account and there will be an email notification to the account holders on the same. Change in joint account data sharing permission from disabled to enabled need to be approved by all the account holders. The account holders have 7 days to approve the change, else the request will expire. Account holders are notified via email on the permission change requests as well the outcome of the request - approved, declined or expired.

A non-individual account is an account that is opened for a trust, a self-managed super-fund, or a non-trading entity. The directors or trustees of the entity will automatically have permission to share account data.

This means that you can no longer act as a nominated representative for the account. You'll no longer be able to create new data sharing arrangements, and you won't be able to see or manage existing data sharing arrangements.

As a trustee or director, you will automatically be enrolled as a nominated representative for the account to share data using the Consumer Data Right (CDR) and will be able to see and manage all data sharing arrangements.

No. You can only share data for one profile at a time.

During the consent journey there will be a profile screen where you can choose which data you are sharing. You'll need to create a separate data sharing arrangement for each set of data that you want to share.

A secondary user is someone appointed by an account owner to share their account data via Open Banking channels. To be eligible to be appointed as a secondary user, the person must have account privileges e.g. be an additional card holder on a credit card or have 'authority to transact' on an account. The person must also be 18 years or over and be registered for internet banking.

Account owners can enable secondary user permissions at any time in the HSBC Mobile Banking app by going to Profile > Manage Data Sharing > Secondary users. Secondary user permission is granted at account level. All eligible secondary users will be shown for each account. For joint accounts, any owner can enable (or disable) a secondary user permission.

Secondary users are not automatically enabled. The owner of the account (e.g. the primary cardholder in the case of credit cards) must give permission for any secondary users (e.g. additional cardholders) to share account data. The account owner can add or revoke permissions at any time using HSBC Mobile Banking app. Any data sharing arrangements the secondary user has entered into with an ADR will be cancelled when the permission is revoked by the account owner.

Note: At this time, secondary user permission can be set for additional card holders on a credit card. However, the sharing of credit card data by a secondary user is not currently available. We are working to resolve this. If you have any questions, please contact us.