[ARCHIVE] Nominated linked accounts and payees

Archived 2023.08.11. Content moved to Payees

Question

As a Data Holder (DH) we offer savings products that require a nominated linked external account.

The nominated linked account is an everyday transaction account that the customer holds with another Australian financial institution. Sometimes it can also be an internal account owned by another entity.

The nominated account is used to transfer money in and out of the savings account. Generally nominated linked accounts need to be in the same name and entity type as the savings account.

This type of savings product allows customers to make third party payments only to their nominated accounts. These nominated accounts are visible in Internet Banking under the account transfer category and are not shown in the payees address book.

Do we need to classify nominated accounts as payees for the purpose of Open Banking?

Answer

How to handle the nominated accounts described is up to the DH. The account is being used to support payments, as a registered payment target. However in the CDR banking regime, payees are not account aligned, while the described nominated accounts are account aligned.

You may wish to raise a change request, in Standards Maintenance, for us to add nominated linked accounts to the account details endpoint, as an optional structure. 
See:

• Creating a Change Request