Open banking allows TelstraSuper members to complete certain transactions online instead of having to chase down hard copy bank statements and other documents that might otherwise be required to validate their bank account.

TelstraSuper members can now use this service as part of performing select transactions online. This requires them to authorise this service with their bank and give permission for them to securely share their financial data with the Fund, via a regulated third-party provider.

Importantly, by using open banking TelstraSuper does not see any of the authentication process that occurs with the bank.

TelstraSuper Chief Technology and Operations Officer Karen Symes, said the move to open banking would provide Fund members with more speed and security around their online transactions, such as withdrawals by retired members.

“Against the backdrop of increasing cyber fraud in our community, TelstraSuper has always taken great care to verify member details before completing online transactions, such as direct debits and withdrawals. However, this has previously required members to send through hard copy, and sometimes even certified documents,” Ms Symes said. “Open banking removes this time-consuming step, providing a more secure and seamless online member experience.”

Ms Symes expects open banking to be embraced by the Fund’s members.

“We have a very tech-savvy membership base who have embraced all of our online services, so this is really just one more step in helping them more effectively and securely engage with us,” Ms Symes said.

Need help making a transaction with your super?

You can get simple advice about your TelstraSuper account over the phone at no additional cost - it's part of your membership. Call us on 1300 033 166 to see how we can help.