A new way of banking 

Open Banking will change the way you do your banking in Australia.

In 2017 The Australian Government passed a legislation called the Consumer Data Right (CDR). It has been designed to give consumers greater control over their personal data as well as provide greater competition with products and services to consumers. The finance industry is well into the first stage on implementing these standards, with other sectors such as the energy and telecommunications sectors to follow in the coming years.

So what is Open Banking?

Open Banking will give you greater access and control over your financial data. It means you decide who you want to share your financial data with, such as your accountant, financial planner, an app provider for budgeting or other accredited third parties such as financial institutions in a safe and secure framework. You will be able authorise who and what kind of personal financial data you want to share in a secure digital environment.

The other part of Open Banking is to create greater competition in the industry, making it simpler to compare financial products and services and ultimately find the best product in the market that’s right for you.

There are 2 phases of rolling out Open Banking with timelines that have been set by the Australian Competition and Consumer Commission (ACCC).

  • Phase 1 – Product Data
  • Phase 2 – Customer Data

Dnister has been and is continuing to work through the stages in Phase 1 of Open Banking.

For Members
Available from July 2021

 

We anticipate that member data sharing will be progressively available from July 2021.

In Phase 2 of Open Banking members will be able to share:

  • products you have
  • transaction history
  • account balances

Yes, Open Banking is secure.

There are strict security and privacy standards which have been set out by the Australian Government, ensuring that your data is shared safely and securely.

Only data recipients (third party access) accredited by the Australian Competition and Consumer Commission (ACC) can participate in Open Banking.

No, Open Banking is an opt in facility. It is up to you if want to share your financial data with accredited third parties.

Open Banking has been designed to make it simpler and easier to:

  • compare your products with other products on the market utilising online comparison tools
  • access your financial banking data from multiple financial institutions into budgeting apps
  • apply for new products or switch accounts

Only ACCC accredited third party providers can receive your data through participation in Open Banking through your authorisation.

For more information about Open Banking and Consumer Data Reform (CDR) visit www.cdr.gov.au

 

Consumer Data Right Policy 

> View and download Dnister’s CDR Policy

For Developers
Dnister’s product catalogue is live

 

Dnister’s Open Banking APIs for product information is available to developers. They been developed in accordance with the Consumer Data Standards (CDS) and includes the following products:

  • Savings Accounts
  • Transactional Accounts
  • Term Deposits

The remaining products will be progressively added to the API in line with the time-frame provided by the Consumer Data Right legislation.

Product API information

  • These are public APIs and do not require authentication
  • The response will be in the format defined by the Consumer Data Standards

Product API
API URL: https://public.cdr-api.dnister.com.au/cds-au/v1/banking/products

Product Details API
API URL: https://public.cdr-api.dnister.com.au/cds-au/v1/banking/products/{productId}

To learn more about the API specifications for Open Banking APIs visit Consumer Data Standards Australia

Questions | Report an issue | Feedback
If you have any questions or are experiencing a technical issue with our APIs please email openbanking@dnister.com.au