What is Open Banking?
Open Banking is a new data-sharing initiative introduced by the Australian Government, designed with the intention of giving you greater access to and control over your financial data.
As part of the Australian Government's Consumer Data Rights Legislation (CDR), Open Banking is intended to provide a safe and secure framework for you to authorise accredited third parties, such as Financial Planners, Accountants or app providers, to access your financial information, so that they can provide you with goods or services. 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
- Compare credit cards or accounts across multiple banks
- Access more accurate budgeting tools
What information can I share?
As part of Open Banking, Judo is making publicly available information, 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.
Judo will also allow you to authorise accredited third parties to view your transaction data from all our financial products. The decision to allow third parties to access your transaction data remains with you, the customer.
These data points will be made available in a phased approach in line with the ACCC rollout timeline.
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
- 1st of November 2021 – Home loan account information
- 1st of February, 2022 – Business product account information (Business loans, Line of credit, Equipment Loan and Bank Guarantee)
This is how it will work.
- To provide you with a new or improved service, an accredited third party may ask you to share your banking information with them. They will tell you what data they require, and how long they want you to share it for. This may be one-off, or ongoing data sharing for up to 12 months
- You’ll then be redirected to Judo 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
- We’ll then share your data with that accredited third party using the secure CDR connection. You will never need to share your Internet banking credentials 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 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/