Open Banking

 

What is Open Banking

Open Banking (also called the Consumer Data Right) is an initiative introduced by the Federal Government to allow consumers greater access and control over their data. 

The first stage is Product Reference Data (generic product details) and the second stage is Consumer Reference Data (member approved account and transaction data).

When does Open Banking begin?

CMCU has approval to commence Product Reference Data from 31st December 2020.  Product Reference Data is information about CMCU’s products such as features, terms and conditions, interest rates, fees and charges.   This information is generic to CMCU’s products – it does not involve any personal details or data.  Product Data is made available to accredited third parties online securely.

Consumer Reference Data commences mid-2021 and further details will be made available prior to this date.

Security and Privacy

Security of our member’s data is a primary focus for CMCU.  CMCU will not share any of your data with accredited third parties without your expressed permission.  You remain in control of your data.  If you give permission to an accredited third party, you can limit it to a specific period (up to 12 months) and you can also cancel your permission at any time with CMCU.

API for developers

CMCU Opening Banking Product Reference Data currently involves the following categories:

Other Products will be added to our API’s in compliance with the timeframes outlined by the Consumer Data Right legislation.

CMCU’s Product API is available via this URL: https://secure.cmcu.com.au/openbanking/cds-au/v1/banking/products?page-size=105

CMCU’s product details may change from time to time without notice.  Please refer to www.cmcu.com.au for our current product information.

Get Products

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

Get Product Details

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

Product API's for Amigo Credit Card

https://netbank.yourmutual.com.au/ym-openbanking/cds-au/v1/banking/products/S35-AMIGO-CMCU

More Information on Open Banking

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