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Open Banking

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Update

Stage 2 of the Consumer Data Right’s open banking regime where accredited data recipients will be able to request access (at your behest) to transaction data is due to go live on 1st July 2021.

However LCU, along with most of the non-major bank sector, will not be ready to go live on the 1st July. LCU is working jointly with a number of other institutions in our sector to go live as soon as we are able to. We will keep you updated as we progress.

Rest assured, none of this will affect your day to day banking.

What is Opening Banking?

Open Banking is part of the Consumer Data Right. This legislation passed by the Australian government gives you greater access to and control over your data.

The first stage for mutuals and other small ADI’s like LCU went live on the 1st of October and simply involves product reference data being shared (information about our product features, fees, constraints, eligibility conditions etc.)

Benefits of Open Banking

Product data allows consumers to view and compare banking products from all institutions to see which best suits their needs.

The second stage involves enabling accredited data recipients to request you share your transaction data in order to provide you with services. For example, if you were applying for a product that required you in the past to submit bank statements, once open banking stage 2 is live, you could instead give them permission to access your transaction data directly through LCU.

Information can only be used by accredited third parties 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.

Another example is if you had a budgeting app that you wanted to use to track your spending. Upon granting them permission to access your transaction data, you wouldn’t need to manually input any data into the app, it would pull your spending/saving information directly from LCU.

Remember, this is a part of the Consumer Data Right which aims to give you more control over your data. One of the major principles of this is that the consumer controls who accesses their data. None of your data will be shared unless you initiate the process. Granting permission involves multiple checks to ensure that you are sharing the data you want to share, with the provider you want to share it with.

Do you want more information or have a technical question?

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

Are you a developer?

LCU's Open Banking Endpoints are listed below:

Get product API
API Endpoint https://internetbanking.lcu.com.au/openbanking/cds-au/v1/banking/products
Technical Specifications https://consumerdatastandardsaustralia.github.io/standards/#get-products
Get product details API
API Endpoint https://internetbanking.lcu.com.au/openbanking/cds-au/v1/banking/products/{productId}
Technical Sepcifications https://consumerdatastandardsaustralia.github.io/standards/#get-product-detail