What is Open Banking?
The Consumer Data Right (CDR) is an opt-in service that gives consumers greater access and control over their data.
The initial stage of the CDR, commonly called Open Banking, requires credit unions and banks to make their product data publicly available. This enables accredited organisations, such as comparison sites Mozo.com.au or Canstar.com.au, to present detailed comparisons of products offered by banks and credit unions in terms of interest rates, fees and charges and product features, making it easier for consumers to compare products such as personal loans, credit cards or savings account.
The current stage of the CDR enables consumers to authorise their credit union or bank to share their data with accredited organisations, making it easier to compare and switch products and services or access new and improved services.
Open Banking is an opt-in service that we provide, meaning members choose whether to use it or not. Learn more about what Consumer Data Right is, and how it will benefit you in Australia here.
How Open Banking may benefit you
The aim of Open Banking and the CDR is to increase competition in financial services, by enabling you to access your data and negotiate better deals and save money. It will make it easier for you to compare and switch between products offered by credit unions and banks, or provide your transaction data to a CDR-accredited app or website.
The CDR will eventually extend to other industries, including energy and telecommunication providers.
Frequently asked questionsView all Open Banking FAQs
Open Banking, also known as Consumer Data Right (CDR) is an opt-in service which gives you greater access and control over your data.
The current stage of Open Banking allows you to authorise your credit union or bank to share your data with other accredited organisations, making it easier to compare and switch products and services or access new and improved services.
Learn more about Open Banking, and how it will benefit you here.
Open Banking aims to give you greater visibility and control over your banking data, greater ease of comparison between products and services in terms of both price and quality, and the ability to switch between providers more quickly and easily – all without pesky paperwork.
Yes. Open Banking is a government initiative and only accredited organisations can take part. Financial institutions and other companies that participate in Open Banking will need to adhere to strict security standards when accessing and storing your data and will be subject to the Privacy Act. And accredited organisations will only be able to access data at your request.
Open Banking is also regulated by the Australian Competition and Consumer Commission (ACCC), the Office of the Australian Information Commissioner (OAIC), the Treasury and the Data Standards Body (DSB).
The major banks began sharing product reference data during July 2019.
From 1 July 2020, when requested by a customer, major banks are required to share data to accredited Data Recipients. This includes customer data, account data, transaction data and product specific data.
From 1 October 2020, non-major banks, building societies and credit unions, including Credit Union SA, are required to share product reference data using a Product Application Programming Interface (API). APIs are a software intermediary that allows two applications to talk to each other.
Our Product API covers Home Loans, Car Loans, Personal Loans, Transaction Accounts, Savings Accounts, Term Deposits, Overdraft Accounts, Debit Cards and Credit Cards we provide to our members. Information available through the API includes product features, constraints, eligibility, rates, fees and discounts and links to our Terms and conditions.
From July 2021, you will be able to authorise us to share your banking data with accredited organisations from within Internet Banking. This may include your account information and/or transaction history. You will control what is shared, and your data will be used only for the purpose you authorise. Initially, you will only be able to share data for certain products – over time, more of your data will be available to share as we expand this list. Please note, data sharing is not currently available for accounts held in either more than one name or a non-personal name.
- Saving Accounts
- Transaction Accounts
- Term Deposits
- Credit Cards
- Home Loan Offset Accounts
From 1 November 2021, you will be able to authorise us to share your Home Loan and Personal Loan banking data with accredited organisations from within Internet Banking.
- Home Loans
- Personal Loans
You will also be able to authorise us to share two years of closed account transaction history with accredited organisations, for Credit Union SA accounts included in Open Banking.
From 20 January 2022, you will be able to authorise us to share your Lines of Credit and Overdraft information with accredited organisations from within Internet Banking or the Mobile Banking App.
- Lines of Credit
Visit the CDR website for other key dates.
Open Banking is an opt-in service, which means you choose whether to use it or not.
If you choose for us to share your data with another organisation using Open Banking, you will need to have Internet Banking access. If you don’t have Internet Banking, we can help – simply call us on (08) 8202 7777.
Under the CDR legislation, we will not charge you to share your data with an accredited third party, and we won’t charge accredited third parties to access your data either.