FAQs Open Banking
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.