Open Banking & Basiq

At Stake, we've partnered with Basiq, a leading Australian Open Banking platform, to make verifying your bank account details simple and secure. Basiq acts as a secure bridge that allows trusted providers like Stake to access specified, verified information from your bank account. This is all done with your explicit consent, and it’s always in a read-only format, meaning we can access the details needed to verify your financial information without ever storing your banking details. 

Basiq prioritises your data security and privacy, ensuring your information is handled safely and in compliance with Open Banking regulations.

Find out more about Basiq here.

What does Stake use Basiq for?

Stake uses Basiq to make the bank account verification process fast and secure. Account verification is the process of confirming that the bank account you are using for funding and withdrawals belongs to you.

This is a crucial step to ensure the security of your funds and to comply with AML/CTF laws. Our partnership with Basiq helps us quickly and securely verify your bank details, making your overall experience on the Stake platform smoother.

During this process, we only access your account details such as your name, BSB, and account number to compare with the information you have provided to us. We do not access any of your transaction history.
 

What is Open Banking?

Open Banking is a secure way for you to share your financial data directly from your bank with trusted, approved third-party providers like Stake, with your explicit consent. It’s a government-regulated initiative that puts you in control of your financial information.  

For more information about Open Banking, you can visit the Australian Banking Association website here.

Accredited Data Recipients (ADRs)

An Accredited Data Recipient (ADR) is an organisation, like our partner Basiq, that is approved under the Consumer Data Right (CDR) framework to securely receive and manage consumer data. 

As Stake is in partnership with Basiq, an ADR representative, we are committed to: 

• Transparently disclosing how your data is used by Stake.
• Implementing privacy safeguards in compliance with the CDR requirements..
• Ensuring secure transfer of consumer data when it is shared with Stake.

What is the Consumer Data Right?

The Consumer Data Right (CDR) is an opt-in service that allows you to choose to share data between providers. You can choose who has access to your data, what they can access and for how long they have access. The CDR system is designed and overseen by the Australian Government to ensure it is safe and secure. 

At Stake, we operate under the CDR framework through our partnership with Basiq, ensuring that you have full control and transparency over the banking information you choose to share with us.

For more information, check out the Australian Government’s website about CDR.
 

How do I manage my consent?

You can manage your data-sharing consent directly within the Stake platform or contact our customer support here.

To do this, go to your Account settings, then select Security. If you have any active connections, you will see an Open Banking consent section where you can remove any active connections. This will give you full control to easily revoke your consent for data sharing at any time.

Is it safe to allow Basiq access to my banking information?

At Stake, the security of your financial information is paramount. That's why we've chosen to partner with Basiq, an Australian Competition and Consumer Commission (ACCC) authorised Open Banking platform, because of their robust security protocols and commitment to data privacy.
 

When you provide access to Basiq, they use secure technology known as Application Programming Interfaces (APIs) to retrieve your banking information directly from your financial institution. Our partnership with Basiq ensures that only the necessary, read-only verification information is shared with us, and always with your explicit consent. Stake doesn’t store your banking details, and we can only access this information while your open banking consent is valid.

For further information, please refer to the official ACCC/CDR rules website here.

Basiq has robust processes to protect your information, using secure measures including:

• Encryption: Basiq uses encryption to protect your data in transit and at rest, ensuring that it cannot be intercepted or read by unauthorised parties.
• Authorisation: Basiq requires explicit authorisation from you to access your data. You can revoke this authorisation at any time.
• Security practices: Basiq follows industry best practices for security and regularly tests its systems for weaknesses.
• Compliance: Basiq is subject to regulatory requirements and standards, including the Australian Privacy Principles and the General Data Protection Regulation (GDPR), which require it to protect your personal information.

It’s important to read and understand Basiq’s privacy policy and terms of use before providing access to your financial data.

Learn more about Stake’s Privacy Policy and BASIQ’s Privacy Policy.

Connecting Business Bank Account Data

While the Consumer Data Right (CDR) program is designed to put you in control of your data, the process for sharing information from a business bank account is a little different. Because data sharing for businesses is an 'opt-in' process under the CDR regime, it requires additional steps to be taken. This can sometimes be a bit more involved, particularly for businesses with multiple directors.

To help you navigate it in the meantime, we’ve put together a guide to the requirements for major banks.

To enable data sharing via CDR, a few key things need to happen:

• Your business must have online banking enabled for the bank account you wish to share.
• The controlling party (or parties) of the business (e.g., director(s)) must grant authority to other individuals to share the business's data through their online banking access. This is a crucial step that ensures the right people have the necessary permissions.

Since each bank has its own process for handling this, we recommend reaching out to them directly for the most accurate information.

You can also find a helpful guide on how to connect your Business Bank Account Data here.