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.
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 Reference data is generalised data and does not include personal information about any customer.
Account Data includes:
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:
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:
Sharing this type of information with a third party is by opt-in only. For more information, see Open Banking Privacy & Security.
By bringing your Auswide Bank data together with data from other accredited organisations, you may enjoy several benefits.
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.
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:
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.
