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What is Open Banking?
Open Banking, also called the Consumer Data Right (CDR), is a legislation passed by the Australian Government, which gives you greater access and control over the data kept about you.
Benefits of Open Banking
Open Banking may improve the way you compare products and services between companies, so it's easier for you to find what best meets your needs.
It may help you negotiate better deals and save money, as Open Banking increases competition between financial institutions. It may also help you manage your finances better and lead to more new and innovative product features and services being developed.
Consumer Data Sharing
Consumer data sharing will be introduced by Open Banking, meaning you'll be able to authorise specific banking data to be shared with accredited third parties. This information can only be used by the accredited third party for purposes you consent to and will allow the third party to tailor the service they provide for you. Any third party that requests your data, will need to be accredited by the Australian Competition and Consumer Commission (ACCC) before they can request or receive your data.
You are in control of your data.
You can request People's Choice stop sharing your data with other third parties at any time, or if a third party is retrieving your data, you can request to have it deleted.
Why is Open Banking a secure way to share your data?
At People's Choice, our priority is protecting your privacy and information.
We have strict requirements for collecting, accessing, storing and sharing your information to ensure your data remains safe.
To keep you in control of your data, including who can have it and how it is used, there will be new privacy safeguards. These safeguards have been established by the Consumer Data Right legislation and adherence to those rules will be monitored and any breach can result in substantial penalties.
When does Open Banking begin?
From July 2020, we will be providing publicly available information about some of People’s Choices products through a new Product API (Application Programming Interface). This includes information such as product rates, fees and Terms and Conditions across our deposit, transaction, credit card, home loan, personal loan, mortgage offset and business finance products. Other companies can then use this information to compare banking products for consumers, and as such increase competition and make it easier for you to compare products and services.
From July 2021, you will be able to consent to us sharing specific types of your banking data, such as account information and transaction history, with accredited third parties. You will have full control over what is shared, with whom and for what purposes.
Initially you will only be able to share data attached to certain products. However, over time, more of your data will be available for sharing and we will keep this page up to date with the latest information.
Do you want more information or have a technical question?
For more information about the Consumer Data Right, please visit the Australian Competition and Consumer Commission website or email our team at [email protected].
Are you a developer?
People's Choice Open Banking Endpoints are listed below:
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Get Product API |
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| API Endpoint | https://api.peopleschoice.com.au/public/cds-au/v1/banking/products |
| Technical Specification | Consumer Data Right Get Products Specification |
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Get Product Details API |
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| API Endpoint | https://api.peopleschoice.com.au/public/cds-au/v1/banking/products/{productId} |
| Technical Specification | Consumer Data Right Get Product Details Specification |
For further technical details of the above APIs, please visit the Consumer Data Standards website.