What is Open Banking?
Open Banking, also called the Consumer Data Right, aims to provide greater choice and control for Australians over how their data is used and disclosed. It will allow consumers to access particular information in a usable form and to direct a business to securely transfer that information to an accredited data recipient.
To find out who is accredited by the ACCC to receive data through Open Banking, take a look at the Consumer Data Right website.
Open Banking is a service that gives you greater access and control of your banking product and service information. It may improve the way you compare products and services between providers, so it is easier for you to find what best meets your needs.
The Australian Government passed the Consumer Data Right (CDR) legislation in 2019, which is often referred to by the banking industry as Open Banking.
When is it available?
Product information – September, 2020
Generic information about savings, transaction, term deposits, loan and credit card products including features, eligibility, rates and fees will be available from Friday 18th September 2020.
This is available through a new Product API (Application Programming Interface).
This will enable other providers to use this information to compare banking products for consumers, and as such increase competition and make it easier for you to compare products and services.
Consumer Data Sharing (CDS)
Consumer Data Sharing (CDS) is the ability to share your data about banking products, balances and transactions with accredited third parties that you have provided permission to receive this information. This will start with your personal details and things like the balances and transactions you have made on your savings, transactions, and term deposit accounts. While the CDS requirements commenced on 1 July 2021 for Warwick Gympie Dalby Credit Union we do not have suitably tested technology in place to meet this requirement. We have been working towards meeting these obligations since late 2020 and continue to devote significant resources towards meeting our obligations for CDS as soon as possible.
Security
As always, our priority is protecting your privacy and information.
We have strict requirements for collecting, accessing, storing and sharing your information to ensure your data remains safe.
You are in control of your data, including who can have it and how it is used, there will be new privacy safeguards such as consent requirements to enable this. These safeguards have been established by the Consumer Data Right legislation and adherence to those rules will be monitored and any breach can result in substantial penalties.
You can request Warwick Credit Union to stop sharing your data with other third parties at any time, or if a third party is retrieving your data, you can request to have it deleted.
Further Information
For more information about the Consumer Data Right (CDR), please visit the Australian Competition and Consumer Commission website or email our team at [email protected].
To download our Consumer Data Right Policy click here.
To download our Privacy Policy click here.
Developer Information
Our APIs have been developed in accordance with the Consumer Data Standards. The PRD APIs are available to everyone with no restrictions
They can be accessed by HTTP/ Get in REST format.
Get Product API – retrieve a list of our products on offer in the market
Technical Specification : Consumer Data Right Get Products Specification
Get Product Details API – retrieve detailed information on a specific product
Technical Specification : Consumer Data Right Get Product Details Specification
