Open Banking will give you greater control and visibility of your banking information, allowing you to easily and securely share it with trusted and accredited third parties.
What is Open Banking?
In 2019, the Australian Government passed the Consumer Data Right (CDR) legislation, which is often referred to by the banking industry as Open Banking.
Open Banking aims to provide greater choice and control for Australians over how their data is used and disclosed. It will allow consumers to access particular information in a usable form and to direct a business to securely transfer that information to an accredited data recipient.
Why would I want this?
It is anticipated Open Banking will increase competition between banks and all financial institutions and accredited third parties, by making it easier for consumers to compare and switch. It will give you more control of your data, and greater visibility to manage your finances better.
Is it secure?
At CUA, data security is of utmost importance and Open Banking is no exception. Open Banking is your choice, and your data will be protected by privacy safeguards, which will keep you in control of how companies can use your data.
Third parties providing services via Open Banking must be accredited by the Australian Consumer and Competition Commission (ACCC) and comply with all privacy and security requirements.
When is it available to CUA members?
Product information – August, 2020
Information about our savings, transactions, term deposit and credit card products including features, eligibility, rates and fees will be available in 2020. Other products such as home, personal and business loans will become available over time.
Member and account transaction data – July 2021
It is expected that CUA members will start getting access to share their data in early 2021, starting with information about themselves and their savings, transactions, term deposit and credit card accounts.
Can I opt out of Open Banking?
If you choose to use Open Banking, you’ll need to create an online account and password. You’ll then need to give your consent for us to share any of your information. You can change your mind and revoke your consent at anytime.
Who can I contact if I have more questions?
For more information about Open Banking at CUA, you can email us at firstname.lastname@example.org
Stay tuned, our Product Reference Data APIs will be available in August 2020.