FAQs Open Banking
Does using Open Banking incur a fee?
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.
What are the key dates for Open Banking?
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, will be 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 the Home Loans, Car Loans, Personal Loans, Transaction Accounts, Savings Accounts, Term Deposits, Overdraft Accounts, Debit Cards and Credit Cards which 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 sharing your banking data with accredited third parties. This may include your account information and/or transaction history. You will control what is shared to whom, 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.
Do I need to do anything for Open Banking?
Nothing! Credit Union SA will commence the first phase of customer data from the mandated date of 1 July 2021. From this date you’ll be able to authorise an accredited third party to access data about your accounts with us, if you wish to do so. But we will be sure to give our members more information on how to do this, closer to the commencement date.
I'm a developer. How can I access your Product API?
The Credit Union SA Open Banking Product API enables third parties to retrieve information about the products we currently offer.