What is Opening Banking?
Open Banking is a service that gives you greater access to and control of information relating to your banking products and services (Consumer data sharing).
Open banking is part of new legislation passed by the Australian Government called Consumer Data Right (CDR). The aim of the legislation is to increase competition between banks, building societies, credit unions and accredited third parties.
Consumer data sharing
Consumer data sharing means you will be able to authorise specific banking data to be shared with accredited third parties. This information can only be used by the accredited third party for purposes you consent to and will allow the third party to tailor the service they provide for you. Any third party that requests your data will need to be accredited by the Australian Competition and Consumer Commission (ACCC) before they can request or receive your data.
To find out who is accredited by the ACCC to receive data through open banking, take a look at the ACCC website.
Is it secure?
Third parties providing services via Open Banking must be accredited by the ACCC and comply with all privacy and security requirements.
When is it available to TCU members?
Product Information – 1 October, 2020
Information about our products including features, eligibility, rates and fees will be available from 1 October 2020.
Member and Account Transaction data – 1 July 2025
The Australian Competition and Consumer Commission (ACCC) has exempted TCU as a data holder, from the following provisions of the Competition and Consumer (Consumer Data Right) Rules 2020 (the Rules):
- Rule 3.4(3) of Part 3 of the Rules (the obligation to disclose required consumer data in relation to a consumer data request made by an eligible consumer), and all related rules; and
- Rule 4.6 (4) of Part 4 (the obligation to disclose required consumer data in relation to a consumer data request made by an accredited person), and all related rules.
The exemption applies until 30 June 2023.
For Developers
The TCU PRD API is as defined by the Consumer Data Standards and supports all features.
Version: 3
API: https://prd.tcu.com.au/cds-au/v1
Get Products:
Obtain a list of products that are currently openly offered to the market.
Technical specifications, code samples and example responses can be found here:
https://consumerdatastandardsaustralia.github.io/standards/#get-products
Get Product Detail:
Obtain detailed information on a single product offered openly to the market.
Technical specifications, code samples and example responses can be found here:
https://consumerdatastandardsaustralia.github.io/standards/#get-product-detail
Get Products Example:
GET https://prd.tcu.com.au/cds-au/v1/banking/products HTTP/1.1
Accept-Encoding: gzip,deflate
x-v: 3
charset: utf-8
Accept: */*
Content-Type: application/json
For further technical details of the above APIs, please visit the Consumer Data Standards website.