Open Banking

Open Banking is a new service that gives you greater access and control of your banking product and service information.

Read on for important information concerning Open Banking

Open Banking, also called the Consumer Data Right, aims to provide greater choice and control for Australians over how their data is used and disclosed.

Open Banking, also called the Consumer Data Right, 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 data recipient. To find out who is accredited by the ACCC to receive data through Open Banking, take a look at the Consumer Data Right website.

Open Banking is a service that gives you greater access and control of your banking product and service information. It may improve the way you compare products and services between providers, so it is easier for you to find what best meets your needs.

The Australian Government passed the Consumer Data Right (CDR) legislation in 2019, which is often referred to by the banking industry as Open Banking.

 

Generic information about savings, transaction, term deposits, loan and credit card products including features, eligibility, rates and fees will be available from Thursday 1st October 2020 whereas you will have access to share your banking product, balances and transactional data from July 2021.

This is available through a new Product API (Application Programming Interface). This will enable other providers to use this information to compare banking products for consumers, and as such increase competition and make it easier for you to compare products and services.

As we get closer to this date further information will be available to show you how to consent to and share your data. This will occur via your internet banking and banking app access.

As always, our priority is protecting your privacy and information. We have strict requirements for collecting, accessing, storing and sharing your information to ensure your data remains safe. You are in control of your data, including who can have it and how it is used, there will be new privacy safeguards such as consent requirements to enable this. These safeguards have been established by the Consumer Data Right legislation and adherence to those rules will be monitored and any breach can result in substantial penalties.

 

 

Frequently Asked Questions

  • What is Open Banking?

    Open Banking, also called the Consumer Data Right, 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 data recipient. To find out who is accredited by the ACCC to receive data through Open Banking, take a look at the Consumer Data Right website.

    Open Banking is a service that gives you greater access and control of your banking product and service information. It may improve the way you compare products and services between providers, so it is easier for you to find what best meets your needs.

    The Australian Government passed the Consumer Data Right (CDR) legislation in 2019, which is often referred to by the banking industry as Open Banking.

  • When it is available?

    Product information – October, 2020
    Generic information about savings, transaction, term deposits, loan and credit card products including features, eligibility, rates and fees will be available from Thursday 1st October 2020.

    This is available through a new Product API (Application Programming Interface).

    This will enable other providers to use this information to compare banking products for consumers, and as such increase competition and make it easier for you to compare products and services.

    Customer and account transaction dataJuly 2021
    You will have access to share your banking product, balances and transactional data from July 2021.

    As we get closer to this date further information will be available to show you how to consent to and share your data. This will occur via your internet banking and banking app access.

  • Is it secure?

    As always, our priority is protecting your privacy and information.

    We have strict requirements for collecting, accessing, storing and sharing your information to ensure your data remains safe.

    You are in control of your data, including who can have it and how it is used, there will be new privacy safeguards such as consent requirements to enable this. These safeguards have been established by the Consumer Data Right legislation and adherence to those rules will be monitored and any breach can result in substantial penalties.

    You can request Family First to stop sharing your data with other third parties at any time, or if a third party is retrieving your data, you can request to have it deleted.

  • Want further information?

    For more information about the Consumer Data Right (CDR), please visit the Australian Competition and Consumer Commission website or email our team at administration@familyfirst.com.au

  • Are you a developer and require our API information?

     

    Our APIs have been developed in accordance with the Consumer Data Standards.

    The PRD APIs are available to everyone with no restrictions

    They can be accessed by HTTP/ Get in REST format.

    Get Product API – retrieve a list of our products on offer in the market
    https://online.familyfirst.com.au/OpenBanking/cds-au/v1/banking/products

    Technical Specification : Consumer Data Right Get Products Specification

    Get Product Details API – retrieve detailed information on a specific product
    https://online.familyfirst.com.au/OpenBanking/cds-au/v1/banking/products/ {productid}

    Technical Specification : Consumer Data Right Get Product Details Specification

Have more questions?

You can direct any further questions you have concerning Open Banking to one of our friendly Member Service Officers either by visiting one of our branches or calling us on 1300 369 900.

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