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, 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.
Products currently included:
- Saving Accounts
- Transaction Accounts
- Term Deposits
- Credit Cards
- Home Loan Offset Accounts.
From November 2021, you will be able to authorise us to share your banking data with accredited organisations, for the above accounts including:
- Two years of closed account transaction history.