CWCU is bringing you Open Banking
Open Banking gives you more control and visibility of your banking information.
It means CWCU members will have the power to easily and securely share bank details with trusted and accredited third parties.
What is Open Banking?
It all started in 2019.
This is when the Federal Government passed the Consumer Data Right (CDR) legislation (also referred to as Open Banking.)
Basically - it’s all about data. The legislation aims to give Australians more choice and control over how their data is used and disclosed. Open Banking allows members to access specific information in a usable form - and direct a business to securely transfer that information to an accredited data recipient.
How will this help me?
The goal of Open Banking is to make it easier for customers to compare and switch. It is anticipated this will increase competition between banks and all financial institutions, as well as accredited third parties. Which is always a good thing!
Yes, it will give you more control of your data. But it also provides greater visibility of your finances, making them easier to manage.
Is it secure?
At CWCU, data security is of utmost importance and Open Banking is no exception.
Open Banking is your choice. Your data will be protected by privacy safeguards, which means you are always 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 CWCU members?
Information about our savings, transactions, term deposit, housing loans, personal loans and overdrafts products including features, eligibility, rates and fees are available.
Member and account transaction data
CWCU members can access their information about themselves and their accounts. Joint account information is expected to be able to be shared by 1 October 2022.
How do I opt in and out of Open Banking?
If you choose to use Open Banking, you’ll be required to have Internet Banking (Redinet ). You’ll then need to give your consent for us to share any of your information.
It’s important to know you can change your mind and revoke your consent at any time. This can also be completed via Internet Banking.
- Step 1 Give consent
You give permission for an Accredited Data Recipient to access your personal data. This will be via their website or app.
- Step 2 Confirmation of identity
You will be redirected to Central West Credit Union's website where you will be verified with your internet banking login. If applicable you may also require your SMS One Time Password.
- Step 3 Select data to be shared
Confirm and authorise the data you would like to share with the provider.
- Step 4 Data shared
The data you selected to be shared will be transferred to the Accredited Data Recipient in a machine-readable format for the purpose you chose.
- Step 5 Manage consents
You will be able to view and manage the consents you have created, including withdrawing them through your internet banking
Consumer Data Right (CDR) Policy
Central West Credit Union has a CDR Policy, the Policy can be found here free of charge. If you require a hard copy of the Policy, please contact us by one of the methods listed on the Policy.
I have more questions, who can I talk to?
Please get in touch with our staff if you have any queries, or need more information about Open Banking at CWCU.
You can give us a call, or email us at [email protected]
For more details on the Consumer Data Right and the phased implementation approach, please refer to cdr.gov.au.
CWCU’s Open Banking APIs can be found here.