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?
Product information – September, 2020
Information about our savings, transactions, term deposit and credit card products including features, eligibility, rates and fees will be available in 2020. Other products such as home, personal and business loans will become available over time.
Member and account transaction data – July 2021
We plan for CWCU members to start getting access to share their information prior to July 2021, starting with information about themselves and their savings, transactions, term deposit and credit card accounts.
Can I opt out of Open Banking?
If you choose to use Open Banking, you’ll be required to create an online account and password. 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.
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 firstname.lastname@example.org
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.