What is Open Banking?
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.
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. Visit our Developer page to find out more.
Where can I go for more information on Open Banking?
When will Credit Union SA be able to get my data from other banks or credit unions?
What is an API?
API is the acronym for Application Programming Interface. APIs are software that allows two applications to talk to each other.
When I stop sharing my data, what will happen to the data I share with the other party?
The data recipient will either delete or de-identify your data - please reach out to them directly to better understand what they will do with your data.
Can I initiate or approve Open Banking requests in your branch?
No. 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.
Who can share data?
Anyone who is over 18 and has Internet Banking with Credit Union SA. Check out the key dates for Open Banking – as not all accounts or types of data will be available from 1 July 2021
Why would I use Open Banking?
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.
I don't want to give my details to the government. Will the government have access to my data if I use Open Banking?
No. The Consumer Data Right is regulated by the Australian Competition and Consumer Commission (ACCC), the Treasury, the Office of the Australian Information Commissioner (OAIC) and the Data Standards Body (DSB). They oversee the participants in the ecosystem but do not collect your data. This is only shared between the Data Holder and the Data Recipient.
What Credit Union SA products are currently included in Open Banking – what data can I share?
From 1 July 2021 you can request we share your Transaction, Savings, Term Deposit, Home Loan Offset account and Credit Card account information - for open accounts in a single name. More detailed data will be shared after 1 November 2021.
Visit the CDR website for key dates.
Why has my sharing data request been denied or disabled?
If your data sharing request has been denied or disabled, please call us for help on (08) 8202 7777.
How long will you share my data?
You get to decide when you consent to an accredited third party collecting your data. It can be a one-off authorisation or could be ongoing for a maximum of 12 months. And you can withdraw an authorisation at any time in Internet Banking.
Does everyone need to share their data?
No - the decision to share data is yours.
From 1 July 2021, you’ll be able to choose to share your data with other accredited organisations. For example, if you’re taking out a product or service with another bank or credit union you can request for us to share your data with them if they’re an accredited data recipient.
Check out our ‘how to’ guide to learn more about Open Banking.
Why am I not receiving a One Time Password (OTP)?
There may be a few reasons why you’re not receiving an OTP, which could include:
- You don't have active Internet Banking, Push Notifications or Internet Banking alerts activated.
- We don't have your current mobile phone number or email address - you can check this from Internet Banking.
- You entered the incorrect member number into our authentication to share page.
- The consent process was not completed with the Data Recipient, and you were not directed to our authentication to share page.
Please call us on (08) 8202 7777, if you need help receiving an OTP.
How is my data shared?
The technology behind the data transfer process uses something called application programming interfaces (APIs). This means when data is transferred to an accredited organisation it’s all done electronically and automatically. The format and process for sharing Consumer Data Right (CDR) data has been set up by the Data Standards Body (DSB).
What is a Data Holder?
A Data Holder is the accredited organisation holding your data. For example, we would be considered the ‘Data Holder’ if you bank with us, and request for us to send your data to another accredited organisation.
Can I use Open banking for a joint account?
Not at the moment. However, joint account sharing will be available in the future. We will be sure to keep you updated.
What if my incorrect data (name, email, address etc.) has been shared?
If your data is incorrect and has been shared, please call us for help on (08) 8202 7777.
How will you know that my data is up to date (postal, email address, etc.) before sharing?
You will need to make sure that your details are correct in Internet Banking before sharing your data. We will share the information that is listed in your Internet Banking when you request us to share your data with a data recipient.
Where will my data be stored?
This should be outlined in your data recipients Open Banking Policy as they will be storing your data.
Can I set the conditions on the transaction data I want to share?
If you authorise to share your transaction data, you can’t select what transactions or what dates will be shared. We will provide all transactions dating back to 1 January 2017.
How do I resend my One Time Password (OTP)?
- Log into Internet Banking
- Select Security > OTP
- Factor 2 Authentication will be required for your security - select Request SMS Code
- Enter the SMS Code then select Validate
- Select Generate Code and the OTP will be displayed
- Return to the Open Banking authentication page and input the OTP to continue.
Do I need to have Internet Banking access to share my data with another organisation?
I’m from an accredited third party/data recipient. How can I get support if I have problems accessing Credit Union SA member data?
Please contact us by email at [email protected] with details of your query and we'll investigate then get back to you. In the email heading please include CDR Data Recipient for easy reference.
How do I share my data, and is this process authenticated?
Check our How to use Open Banking page for detailed steps.
What does the status of my data sharing request mean?
There are four authorisation statuses:
- Active – current authorisation.
- Withdrawn – authorisation was withdrawn preventing data sharing.
- Once-off –authorisation to share data on one occasion.
- Expired – authorisation period has expired.
What is a Data Recipient?
A Data Recipient is the accredited organisation receiving your data. For example, if you request for us to send your data to another accredited organisation, they would be considered the ‘Data Recipient’.
What is a Data Owner?
You are the Data Owner. It’s your data that you control and request to share.
Will the Data Recipient use my data for marketing purposes?
This should be outlined in your Data Recipients Open Banking Policy or you can check with them directly.