Your Data Security is Our Priority
At Circular AU, we take data security and privacy seriously. We are committed to ensuring that any information you share with us is protected under the Consumer Data Right (CDR) framework, established by the Australian Competition & Consumer Commission (ACCC).
To provide a secure and seamless experience, we work with Basiq (BASIQ PTY LTD), an accredited Data Recipient under the CDR framework. Basiq is approved by the ACCC and operates under strict regulatory requirements to ensure your data remains safe. You can verify Basiq’s accreditation here: CDR Accredited Providers.
Additionally, Circular AU (registered as CIRCULAR NOW (AUSTRALIA) PTY LTD – ABN 47657630094) is a registered CDR Representative under the ACCC’s framework. This means we adhere to strict data protection policies and compliance standards. Our registration details can be verified here: CDR Representatives.
:::tip View our full Consumer Data Right policy here.
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What is the Consumer Data Right (CDR)?
The CDR framework gives Australians greater control over their data, allowing them to securely share their information with trusted providers for better financial services and tailored solutions. Learn more about how CDR protects your data here: What is CDR?.
What is Open Banking?
CDR and Open Banking refer to the same process of secure information sharing. Open Banking allows consumers to share their financial data with accredited providers (i.e. Circular) to access better financial services, subscriptions, and products tailored to their needs.
Is Open Banking secure? Will my information shared with Circular be secure?
Yes. All participating organisations MUST be accredited by the ACCC before they can request customer data. This accreditation involves rigorous testing to ensure that all information shared or collected meets strict security and regulatory guidelines. Circular AU only works with Basiq, an accredited Data Recipient, to ensure your data is protected.
What data is collected during the Open Banking connection flow via Basiq?
When connecting your accounts via Basiq, the following data is securely collected:
✔ Account name, type, and balances
✔ Account numbers and features
✔ Transaction details
✔ Name, occupation, and contact details
✔ Last 180 days of transactions
This data is only accessed with your consent and is used for verification purposes.
How does Circular use the information provided?
- Circular only has read-only access to the accounts that customers share via Basiq.
- Circular CANNOT withdraw any money from your shared accounts.
- The information collected is strictly for the purpose of verifying your income and expenses to process your subscription.
Can I rescind/cancel my consent?
✔ Your consent is valid for 90 days and will automatically expire after this period.
✔ You may revoke your consent at any time, but this may limit your ability to continue or access future subscriptions with Circular.
Can I see an overview of the process?
Absolutely! Here’s a breakdown of how it works:
1️⃣ During checkout, the 1st month’s subscription fee is collected.
- This requires a separate authentication outside the Basiq flow.
- This charge is an Authorisation Hold between banks—no funds are transferred to Circular at this stage.
2️⃣ Upon approval, the subscription fee collected during the Authorisation Hold is then transferred to Circular.
- This fee will be credited towards your 1st month's subscription and will only begin when you receive the device.
3️⃣ If your application is declined, the subscription fee held during the Authorisation Hold will be immediately released.
- Depending on your bank, it may take 3-10 business days for the refund to reflect in your account.
With these measures in place, you can trust that your information is handled with the highest level of security, transparency, and regulatory compliance.