What is Open Banking?
In 2019, the Australian Government passed Consumer Data Rights (CDR) legislation, giving consumers and small businesses new rights over their personal data.
CDR paved the way for Open Banking, which allows consumers to share their financial data with accredited organisations. This will make it easier to compare products and services, and switch between different financial institutions.
Is it secure?
At WTB, data security is of utmost importance and Open Banking is no exception. Open Banking is your choice, and your data will be protected by privacy safeguards, which will keep you in control of how companies can use your data.
Third parties providing services via Open Banking must be accredited by the Australian Consumer and Competition Commission (ACCC) and comply with all privacy and security requirements.
Our Product Reference Data (PRD) APIs
Our PRD APIs currently cover the following Open Banking product categories:
- Transaction Accounts
- Savings Accounts
- Term Deposits
- Credit Cards
Data you will be able to share under Open Banking
Under Open Banking you will have control over who can access your financial data. 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.
Rest assured that the decision to take part in Open Banking rests with you. It will always be your data, and your choice.
The benefits of Open Banking
As the system matures, it is expected to provide a number of benefits including:
- Making it easier to secure a loan
- Accessing budgeting tools that let you track and plan your spending
- Being able to switch more easily from one financial institution to another.
Developers can use the below APIs to obtain information about South West Credit’s Products and Product Details:
WTB Product API enables the developers to access our products offered to the market via the following URL:
Product Details API
WTB Product Details API, provides product information such as eligibility, fees, Interest rates, features and other basic details via the following URL:
For further technical details of the above APIs, please visit the Consumer Data Standards website
If you have any questions, please contact us