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In 2019, the Australian Government passed the Consumer Data Right (CDR) legislation, which is often referred to by the banking industry as Open Banking.
Open Banking aims to provide greater choice and control for Australians over how their data is used and disclosed. It will allow consumers to access particular information in a usable form and to direct a business to securely transfer that information to an accredited recipient.
For example, it will make it easier for you to monitor your finances, utilities and other services, and compare and switch between different offerings. The system also aims to encourage innovation and competition between service providers, helping you to access products and services that better suit your specific needs.
It is anticipated Open Banking will increase competition between banks and all financial institutions and accredited third parties, by making it easier for consumers to compare and switch. It will give you more control of your data, and greater visibility to manage your finances better.
Initially only generic product reference data will be made available which does not contain any personal or sensitive data. In later stages of Open Banking personal information will be available to be shared, but only once you, as the customer, have given consent for this to happen. We will provide more information about this ahead of that becoming available, presently expected early 2022.
At Bank Orange, data security is of utmost importance and Open Banking is no exception. Open Banking is your choice, and your data will be protected by privacy safeguards, which will keep you 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.
Product information
Information about our savings, transactions, term deposit and credit card products including features, eligibility, rates and fees are now availabile. Other products such as home, personal and business loans will become available over time.
Member and account transaction data
It is expected that Bank Orange members will start getting access to share their data in early 2022, starting with information about themselves and their savings, transactions, term deposit and credit card accounts.
If you choose to use Open Banking, you’ll need to create an online account and password. You’ll then need to give your consent for us to share any of your information. You can change your mind and revoke your consent at anytime.
The Get Products API is located at this URL
https://online.orangecu.com.au/openbanking/cds-au/v1/banking/products
