What is Open Banking?
In 2019 the Federal Government passed the Consumer Data Right (CDR), which aims to give consumers greater access to and control over their data across the banking, energy and telecommunications sectors.
In the banking sector, the CDR is known as Open Banking. Open Banking will give you greater visibility and control over your banking data to assist you to manage your finances better. Ultimately, Open Banking will give you the ability to consent to sharing your banking data with trusted third parties that have been accredited by the Australian Competition and Consumer Commission (ACCC).
Under the Open Banking framework, you will be able to control which third party can access your data and how they can use that data.
The Mutual Bank’s Consumer Data Right (CDR) Policy is available here.
Is Open Banking safe and secure?
The safety and security of your financial and personal data is our primary concern. Legislation requires all financial institutions to offer Open Banking to their members, however, the choice to use it is yours. Data will only be shared with accredited third parties if you authorise it. If you consent to sharing your data with a third party, you can choose what data to share and how they may use that data.
Under the Open Banking framework, the ACCC and OAIC are ensuring that the highest priority is consumer security and privacy. Financial institutions, and third parties provided services via Open Banking, must meet obligations outlined by the ACCC and OAIC to send or receive data under Open Banking.
For more information on CDR data safety, visit the ACCC Consumer Data Right and OAIC Consumer Data Right websites.
What are the benefits of Open Banking?
Open Banking aims to deliver four key benefits to consumers:
- Helping you sign up more easily for certain financial products
- Saving time when switching financial services providers
- Finding products more suited to your needs or situation
- Supporting you to have a more holistic view of your accounts and loans.
Once all financial institutions, known as data holders, are able to make product account and transaction data available via Open Banking, you will be able to send your data between your bank, and other authorised organisations, known as data recipients, with ease. This means you will be able to get a holistic view of your finances, and know who has your data and how they are using it.
When will Open Banking be available?
As of November 2020, Open Banking is still in its early stages.
The Mutual Bank is designated as a data holder by the ACCC, and is currently providing product data to data recipients for deposit accounts and credit cards. The Mutual Bank must be able to provide all product data to data recipients by 1 July 2021 and provide consumer account and transaction data to data recipients that you instruct to act on your behalf, by 1 February 2022.
Many receivers of data are still working towards accreditation as a data recipient under Open Banking, The Mutual Bank included. Noting that data recipients require significant technology and information security updates before they are able to meet the strict criteria outlined by the ACCC and OAIC.
Open Banking Developer Portal
The Mutual Bank Product Reference Data API provides access to information about our products offered to members. Information on the contents and use of the API from the Australian Consumer Data Standards have been developed as part of the Australian Government’s introduction of Consumer Data Right legislation.
- The request must be a HTTP GET request to the relevant product API endpoint. At a minimum, the mandatory parameters defined in the specifications must be included;
- These are public APIs and do not require authentication; and
- The response will be in the format defined by the Consumer Data Standards