Everything you need to know about Open Banking 

What is Open Banking?

Open banking is part of new legislation passed by the Australian Government in 2019 called Consumer Data Right (CDR). The aim of the legislation is to increase competition between major banks, other financial institutions and accredited third parties.
 
Open banking gives you greater access to and control of information relating to your banking products and services.
 
This is an opt-in service that gives you the ability to share your banking data with accredited third parties, making it easier for you to manage, compare and switch banking products and services.

When does it start?

Since the 1st July 2021 consumers have been able to choose from a number of accredited providers and give consent for those providers to share their financial data. On 29 October 2021 BankWAW became an accredited Data-Holder provider, allowing BankWAW customers to access their financial data under the Open Banking Regime.
 
BankWAW is also able to provide Product Reference Data, which is product information related to our transaction, savings accounts, home lending and personal lending products.

Is my data safe?

Data security is a primary focus for BankWAW and of Open Banking more generally. It will be your decision whether to share your Consumer Reference Data, which means you will have control over how your data is used, and to whom it is given.
 
All participants who send or receive data under Open Banking must meet strict accreditation criteria, privacy and security standards. The accreditation process is regulated by the Australian Competition and Consumer Commission (ACCC) and the must also comply with privacy requirements set by Australian Information Commissioner (OAIC).

Types of information you can share

Once you have opted-in to open banking, you can securely share your account summary, balances and transaction history for accounts such as:

How to share your data

Open banking is an opt-in process, so if you want to share your data you will need to follow a few simple steps, as below:

1. Agree to share information with a third party

To make banking processes simple and provide an improved customer service, an accredited third party may ask you to share your banking information with them.
 
They’ll tell you what data they need, and how long they want you to share it for.
 
2. Choose which information to share

To share this data, you’ll be redirected to BankWAW.
 
From here you will need to log in to Internet Banking and following the Open Banking steps.
 
You will be required to have SMS one time password to access Open Banking on BankWAW Internet Banking.
 
3. Secure transmission process
 
Once you have been identified, your data will be transmitted to the third party through a secure connection.
 
This connection is governed by strict terms and conditions defined by the ACCC on how your data must be secured.

How to stop sharing your data

Remember that you will have control over how your data is used, and to whom it is given. This means you can stop sharing at any time.

Deleting your data

If you decide to stop sharing your data, you will be given the option to delete your data from their records. If you don’t choose to have it deleted, or in cases where it can’t be deleted, the accredited third party will delete any identifiable data.

Obtain a list of current BankWAW products via the following API endpoint:
https://onlinebanking.wawcu.com.au/OpenBanking/cds-au/v1/banking/products

Consumer APIs will be launched in the future. 

These Open Banking APIs are built in accordance with the Consumer Data Standards; information about the standards and the APIs is maintained by the Consumer Data Standards Australia and can be found on their website. 

More Information on Open Banking
For more information on the CDR and Open Banking, please refer to the Australian Competition and Consumer Commission.

You can also read BankWAW's Consumer Data Right Policy here.