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Open Banking

Open Banking is a key part of the Consumer Data Rights, empowering individuals and businesses with access to information about the financial products and services available to them.

What is Open Banking?

Open Banking allows you to securely share your banking data with accredited third parties, enabling you to compare financial products within the financial industry, finding the better options for your own individual needs.

This initiative is designed to increase competition and innovation in the financial sector, giving you more control over your financial information and personal information.

How does Open Banking work?

Open Banking is an opt-in process that allows you to securely share your banking data. This is how it works:

  • Agree to share information with a third party

An accredited third party may ask you to share your banking information and they will inform you of the specific data they need and the duration for which they require it. This may be a one-time request or ongoing data sharing for up to 12 months. However, as it is your data, you have complete control over what information you want to share and for how long.

To request access to your data through open banking, third parties must be accredited by the Australian Competition and Consumer Commission (ACCC). The ACCC enforces strict accreditation criteria and ensures compliance with high privacy and information security standards.

  • Sharing data and information

When you apply to opt in for Open Banking, the data you may share could include, but is not limited to: 

  • Personal information: phone number, email address and home address.

  • Account information: account balance

  • Product information: rates, fees and features of Broken Hill Bank products and services

Transaction details: spending amounts

Benefits of Open Banking

Open Banking offers numerous advantages, making your financial management easier and more efficient:

  • Simplified sign-up for new debit cards: Enjoy a smoother and quicker application process for new credit or debit cards.

  • Easier loan applications: Apply for loans more conveniently, with faster approval times and less hassle.

  • Enhanced budgeting tools: Utilise advanced budgeting tools to monitor and plan your spending effectively.

Open Banking Systems

Broken Hill Bank’s Open Banking systems enable third parties to retrieve information about the products we offer to our members. These systems are built to support the Australian Consumer Data Standards and include details for the following products:

View our Open Banking Product Data

Retrieve a list of Broken Hill Bank products that we currently offer our members.

To learn more about the API Specifications for Open Banking Product APls, go to the Consumer Data Standards Australia website and  learn more about the API Specifications for our Product Details API.

https://consumerdatastandardsaustralia.github.io/standards/#get-products

View our Product Data

You can retrieve detailed information about a specific Broken Hill Bank product on offer.

Learn more about the API Specifications for our Product Details API at the Consumer Data Standards Australia website.

https://consumerdatastandardsaustralia.github.io/standards/#get-product-detail

Broken Hill Bank Get Product Details API URL:

https://public.cdr-api.bhccu.com.au/cds-au/v1/banking/products/{productid

Supporting Documents 

Consumer data rights policy

Open banking with Broken Hill Bank

By enabling Open Banking services, Broken Hill Bank is committed to providing greater convenience to our members. If you are having any issues with our open banking service or have questions about Open Banking, please contact our friendly staff.

FAQs

How to stop sharing your data through Open Banking?

You have full control over your data sharing. Your data cannot be shared without your consent, and you can stop sharing at any time. To stop sharing, contact Broken Hill Bank and we will guide you through the necessary steps to revoke access.

Is Open Banking secure and safe to use? 

Yes, Open Banking with Broken Hill Bank is safe. There are strict rules and security protocols in place to protect your information, ensuring that your data is shared securely and only with your consent. Open Banking systems are only available between financial institutions that are accredited by the ACCC. 

How long can my data be shared?

Data sharing can be a one-time event or ongoing for up to 12 months, depending on the requirements of the third party. Knowing you have complete control over your data, what information you want to share and how long want to share it.