What is Open Banking?
Open Banking or the Consumer Data Right, refers to legislation passed by the Australian Government which will give you greater access and control over the data that financial institutions hold about customer details, account information and transaction history.
The aim of the Consumer Data Right is to improve a consumer’s ability to compare and switch between products and services, encourage competition between service providers, which should lead to more competitive pricing, and the development of innovative products and services. It will also allow consumers to safely transfer their banking data to trusted parties.
When does Open Banking start?
Consumer Data Sharing, the first stage of Open Banking, will be introduced at Police Credit Union from 1 October 2020.
Consumer Data Sharing
Consumer Data Sharing involves sharing publicly available and generic information about Police Credit Union’s product rates, fees, terms and conditions across deposit products, savings/transactional accounts, loan and credit card products via a Product API (Application Programming Interface).
How will Open Banking benefit you?
Open Banking may benefit you in various ways in the future, including:
- Having a single view of your finances, especially if you use multiple financial institutions
- Being able to compare rates and features of loans, savings and credit products more easily, to make the process of finding a suitable product or deal easier or determining a budget
- Easier applications for loans and credit
- The access to data or new features could mean new ways to better manage your budgets
- Greater data access leading to increased competition between financial institutions leading to product innovation or improvements in tailoring and personalising products
Open Banking resources or queries
For more information about the Consumer Data Right, please visit the Australian Competition and Consumer Commission website.
Are you a developer?
Our API link is https://api.policecu.com.au/openbanking/cds-au/v1/banking/products