What is Open Banking?


Open Banking is a new system that makes it easier for consumers to share their banking and financial data with organisations accredited by the Australian Competition and Consumer Commission. It’s part of the Consumer Data Right (CDR) which is designed to give consumers greater access and control over their personal banking information across the industry. You can find out who is accredited to receive data by clicking the button below:

View accredited participants

How secure is Open Banking?

Under Open Banking your personal data remains very secure. The financial institutions and other accredited organisations involved in Open Banking need to follow strict security standards at all times.
View information relating to Open Banking for Amigo card holders
View the Open Banking API for developers

How can you benefit

Open Banking makes it easier to compare products and services, and switch between different financial institutions. 

Under open banking,  you will have control over who can access your financial data. You can safely share your personal banking information between accredited third parties as well as correct data held about you. Some of the data you may choose to share includes:

·         Personal information such as your phone number, email and address

·         Details of your account balances

·         Information about your financial products such as the interest rate and fees

·         Transaction details including amounts spent.

Find out more

Community First Credit Union LimitedABN 80 087 649 938 | AFSL and Australian credit licence 231204 | BSB 512-170