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Open Banking

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Open Banking will give you greater control and visibility of your banking information, allowing you to easily and securely share it with trusted and accredited third parties.

What is Open Banking?

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.

To download the Orange Credit Union CDR Policy click here

  Why would I want this?

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.

  What data is shared?

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.

  Is it secure?

At Orange Credit Union, 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.

  When is it available to Orange Credit Union members?

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 Orange Credit Union 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.

  Can I opt out of Open Banking?

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.

 


For Developers

The Get Products API is located at this URL

https://online.orangecu.com.au/openbanking/cds-au/v1/banking/products