What is Open Banking?
Open Banking is a new data-sharing initiative introduced by the Australian Government, designed to give you greater access to and control over your financial data.
As part of the Australian Government's Consumer Data Rights Legislation (CDR), Open Banking provides a safe and secure framework for you to share your financial data with accredited third parties, such as Financial Planners, Accountants or app providers, so that they can provide you with value-add services using your data. If you choose to give third party access to your data, they may be able to see your financial information including an overview of your bank accounts, your transactions, interest rates and/or the fees and charges you are paying. This allows them to help you to better understand whether you're getting real value for money with your banking products. To find out which third parties are accredited by the ACCC to receive data through Open Banking, take a look at the Consumer Data Right website.
What are the benefits of Open Banking?
Open Banking provides the framework for accredited third parties to offer new and more dynamic products and services that leverage Consumer Data Right data. By sharing your banking data with the accredited third parties you can:
- View your finances across multiple banks
- Access more accurate budgeting tools As part of Open Banking, Judo is making information publicly available, such as product rates, fees and features across our products. We’re sharing this information via public APIs (application programming interfaces) for third parties to access to allow analysis and comparison of available products.
What information can I share?
Until July 2021, Judo Open Banking is only available to software developers. After July, as a Judo customer you will be able to share your personal account data for your term deposits through a secure system with accredited third parties of your choice.
Learn more about the Consumer Data Right
How can I share my data?
In line with the ACCC rollout timeline, the customer account data from in-market Judo products will be made available to Judo customers on the following dates:
- 1st of July, 2021 – Term Deposit account information for individual customers only
- 1st of November, 2021 – Term Deposit account information for joint account customers
- 1st of November, 2022 – business lending products account information for business customers.
This is how it will work.
- Within the accredited third party’s application, you decide the data that you share and the length of time you want to share that data (up to a year)
- To approve the data sharing arrangement, you will be redirected to a Judo page where you will be prompted to confirm which data you would like to share and then asked to provide your consent using a one-time password
- Your data will be shared with the third party using a secure CDR connection. You will never need to share your Internet banking password with the third party when using Open Banking
How safe is Open Banking?
Your privacy is our priority. We understand that giving third party access to your banking data may seem a little daunting. Rest assured, Open Banking has privacy protections in place that will ensure your data is shared safely and securely. The privacy protections include:
- You choose if you want to participate and who you share your data with
- Only third parties that are accredited by the ACCC can seek permission to access your data
- You can manage which data you share and cancel sharing at any time
- You can ask for your data to be deleted by the third party
- You can authorise third parties to access your data for a nominated time, up to 12 months
- After 12 months, third party access to your data will automatically expire. This means they will not have access to your data for an indefinite amount of time
What are the benefits of Open Banking for developers?
Using the Consumer Data Right API to access data from Judo and other data holders enables developers to have better visibility of the market and create more dynamic products and services for consumers.
What can I access with Open Banking?
Given the right use case, you will be able to request information such as product information or account and transaction details from consumers and businesses. Open Banking APIs are continuously developing and expanding as part of government regulation and the list of APIs will keep growing as we roll out the full program. We’re sharing this information via public APIs (application programming interfaces) for third parties to access. The standards to use this API can be found Here
CDR Product Reference Data API root: https://open.judo.bank/cds-au/v1/banking/products/