Introduced by the Australian Government in 2019, the Consumer Data Right (CDR), also known as Open Banking, provides customers with greater choice and control over how their data is used and disclosed.
It lets you access more information for easy product comparison. Additionally, it allows you to securely share your banking data with accredited third parties – like budgeting apps or other banks – as long as you consent for it.
You decide what data to share, who sees it, and for how long.
Our Consumer Data Rights Policy provides information about how we manage specific data under the Consumer Data Right and explains how third parties are able to retrieve information about the products we offer. It is designed and documented to support the Australian Consumer Data Standards.
It ensures your information is shared only with your permission, and only with accredited providers who meet strict privacy and security standards.
Consumer Data Right Policy
Open Banking will increase competition between banks and financial institutions and accredited third parties, by making it easier for consumers to compare and switch. It will give you more control of your data, and greater visibility to manage your finances better.
Product reference data is currently available which does not contain any personal or sensitive data. From 01 November 2021 personal information will be available to be shared, but only once you, as the customer, have given consent for this to happen.
Further information on how to provide consent, please see the CDR Customer Guide link listed in the first section of this page.
Initially personal customer data (known as consumer data) will only be available for single accounts, overdrafts, business accounts and select loan products, with remaining products phased in during 2022. Data for joint accounts will also become available in accordance with the Consumer Data Right (CDR) Timetable.
For Developers interested in using the product API
The SCCU Open banking Product API (Application Programming Interface) enables third parties to retrieve information about products that SCCU currently offers. It is designed and documented to support the Australian Consumer Data Standards.
Our product API includes products for both retail and business customers such as:
Data for additional products will be progressively added to the API in line with the timeframes specified by the Consumer Data Right.
Product details including conditions, rates and fees may change from time to time without notice. Please direct your end users to refer to sccu.com.au for current product details.
The Get products API is located at the following URL;
https://cdr.sccu.com.au/OpenBanking/cds-au/v1/banking/products
Important: This is not a link.
At Southern Cross Credit Union, data security is of utmost importance and Open Banking is no exception. Open Banking is your choice, and your data will be protected by privacy safeguards, which will keep you in control of how companies can use your data.
Third parties providing services via Open Banking must be accredited by the Australian Consumer and Competition Commission (ACCC) and comply with all privacy and security requirements.
Join our SCCU community along with thousands of customers who love our easy to understand banking services and caring customer approach.
From your first transaction to lifelong investments, with you across all financial life stages.
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