Open Banking

Helpful information on the Open Banking initiative introduced as part of the CDR (Consumer Data Right) Legislation.

What is Open Banking?

Open Banking is a new initiative introduced by the Australian Government as part of the CDR (Consumer Data Right) Legislation. The CDR empowers customers to securely share their selected banking data between Data Holders (e.g. banks) and accredited third parties, including personal finance management apps and other financial institutions. By empowering banking customers, the government expects to also nurture healthy competition in the market and offer greater choice, access and control to banking customers.

You can find our CDR Policy here.

What data can I share?

The first phase of Open Banking is Product Reference Data, including interest rates, fees and features. From 1st October 2020, Auswide Bank will be making this type of data publicly available for transaction and savings accounts, credit cards and term deposits. Further products will be added in line with Open Banking requirements. This data does not include any individual account or customer information, but rather is similar to the information we already publish on our website, but in a machine-readable form. This data will primarily be used by businesses providing comparison services.

From 1st July 2021, our customers will be able to choose to consent to share their individual Account Data and Transaction Data with ACCC accredited third parties. Under Open Banking, customers will also be able to choose to consent to sharing their Customer Data. You’re always in control of your data and sharing your banking data with third parties is by opt-in only.

Product Reference Data includes:

  • Product Type and Name
  • Price, including fees, charges and interest rates
  • Features and benefits
  • Terms and conditions
  • Customer eligibility criteria

Product Reference data is generalised data and does not include personal information about any customer.

Account Data includes:

  • Account number and name
  • Account opening and closing balances
  • Authorisations on the account, including direct debits, scheduled payments and payee details

Account Data is specific to you and your individual banking. Sharing this type of information with a third party is by opt-in only. For more information, see Open Banking Privacy & Security.

Transaction Data includes:

  • Transaction Date
  • Transaction Amount
  • Transaction identifiers, including merchant ID
  • Transaction Description
  • Transaction Categorisation (e.g. Debit, Credit, Fee, Interest)

Sharing this type of information with a third party is by opt-in only. For more information, see Open Banking Privacy & Security.

Customer Data includes:

  • Name
  • Contact details
  • Details of any business they operate (e.g. Business Name, ABN, ACN, Type of Business, Date Established or Organisation Type)

Sharing this type of information with a third party is by opt-in only. For more information, see Open Banking Privacy & Security.

Open Banking is designed to give you greater choice, control and access when it comes to your banking.

By bringing your Auswide Bank data together with data from other accredited organisations, you may enjoy several benefits.

  • Easily compare products across banks
  • Manage your money better by integrating your banking data with budgeting apps and tools
  • Get a view of all your finances across banks - all in one place

Auswide Bank is working hard to comply with ACCC release requirements and will have Transaction and Account Data available for customers to share from July 2021.

Protecting your Privacy is important to us.

We understand that sharing your banking data with other third parties may seem a little risky! We want to reassure you that Open Banking has privacy protections in place to help you share your data safely and securely. Protections include:

  • Participation in Open Banking is your choice and sharing your banking data with a third party is by opt-in only.
  • Before a third party organisation can request access to your data through Open Banking, they must be accredited by the ACCC (Australian Competition and Consumer Commission) and must also have your permission.
  • You manage which data you want to share using an online Dashboard we provide to you and you can cancel permissions at any time
  • You can nominate a time limit up to 12 months on how long a third party can access your data.
  • Third Party access to your data will automatically expire after 12 months and you will need to re-authorise the third party to access your data.
  • You can ask a third party organisation to delete any data you have shared with them.

Are you a developer?

Why not help develop a new banking experience for your customers using APIs (Application Programming Interfaces).

Open Banking allows developers to build apps and other services which access data held by financial institutions, like Auswide Bank, through use of APIs.

Auswide Bank’s base URL for API calls is https://api.auswidebank.com.au/OpenBanking/cds-au/v1/

The Base URL for API calls of Auswide Bank Platinum Rewards Mastercard and other Auswide Bank ‘white label’ credit cards issued by arrangement with Citibank Card Services is https://aspac.api.citi.com/gcb/cds-au/v1/.

Auswide Bank is working to comply with ACCC release requirements when implementing our consumer data sharing APIs.

From 1st October 2020, we will support these two calls for transaction and savings accounts, term deposits and credit cards.

As we support more API calls, we will publish the details here.

For details of the mandatory parameters and expected responses for these calls, please refer to the Consumer Data Standards specification.

Please note: In order to access Consumer Data Right data relating to individual customers you will need to be an ACCC Accredited Data Recipient and obtain permission from the customer to obtain their data.