What is Open Banking?
The Australian Government is introducing a Consumer Data Right (CDR) framework to give consumers more control of their data. Banks will be the first to implement the CDR through what’s known as Open Banking. At first, generic information about a bank’s products and services will be made available as ‘Product Reference Data’. This will be followed by consumer account and transaction data, or ‘Consumer Reference Data’. This will make it easier for consumers to compare what banks offer in the context of their unique banking needs and for third parties to create and offer new financial products and services.
When does it start?
BankVic will commence releasing Product Reference Data from 1 July 2020 beginning with product information related to our transaction accounts, savings and credit cards. Home lending and personal lending product information will be made available in late 2020. In 2021 you will be able to choose from accredited providers and give consent for BankVic to share your financial data to gain access to new financial products and services.
Is my data safe?
Data security is a primary focus for BankVic and of Open Banking more generally. It will be your decision whether to share your Consumer Reference Data and all participants who send or receive data under Open Banking must meet strict accreditation criteria, privacy and security standards and be accredited by the Australian Competition and Consumer Commission (ACCC) and the Australian Information Commissioner (OAIC).
How do I access data?
BankVic will make Open Banking data available through a set of Application Programming Interfaces (API’s) that accredited third parties can access on your behalf and with your consent. We will provide an update here when these are available.
Obtain a list of current BankVic products via the following API endpoint. https://ib.bankvic.com.au/openbanking/cds-au/v1/banking/products
Obtain detailed information for a specific BankVic product via the following API endpoint (adding each product ID as required)
More information on the structure of the API request and responses, can be found at Consumer Data Standards Australia
More Information on Open Banking
For more information on the CDR and Open Banking, please refer to the Australian Competition and Consumer Commission
We recommend that you read the following documents: