Open Banking

What is Open Banking?

In 2019, the Australian Government passed the Consumer Data Right (CDR) legislation, which is often referred to by the banking industry as Open Banking.

Open Banking aims to provide greater choice and control for Australians over how their data is used and disclosed. It will allow consumers to access particular information in a usable form and to direct a business to securely transfer that information to an accredited data recipient.

Benefits of Open Banking?

Open Banking may improve the way you compare products and services between companies, so it is 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.

Is Open Banking secure?

At Geelong Bank, 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). 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 is Open Banking available to Geelong Bank members?

Product information – October, 2020

Geelong Bank Product Reference Data APIs

The Geelong Bank Open Banking Product Reference Data (PRD) API (Application Programming Interface) enables third party participants to retrieve information about our current products openly offered for sale in machine readable format.

Our PRD APIs currently cover the following Open Banking product categories:

• Transaction Accounts
• Savings Accounts
• Term Deposits
• Credit Cards

Member and account transaction data 

We will be launching Open Banking to our members late 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.

To begin with, 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.

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.

Open Banking and Geelong Bank members

We will keep our members updated in regards to Open Banking, and Geelong Bank’s participation in the system.  Rest assured though, the decision to take part in Open Banking rests with you. It will always be your data, and your choice.

Consumer Data Right Policy

Our Consumer Data Right Policy can be found here.

For Developers

Geelong Bank offers Product APIs to developers to access Geelong Bank’s Products and Product Details.

How to Access our PRD APIs

The PRD APIs are available to everyone from a public cloud with no restrictions on use. They are designed and documented to support the Australian Consumer Data Standards.

They can be accessed by HTTP/Get in REST format.

All API requests require a mandatory header parameter “x-v” and the value must be set to a positive integer.

Product API

Geelong Bank Product API enables the developers to access our products offered to the market via the following URL: https://online.geelongbank.com.au/OpenBanking/cds-au/v1/banking/products/

Product Details API

Geelong Bank Product Details API, provides product information such as eligibility, fees, Interest rates, features and other basic details via the following URL: https://online.geelongbank.com.au/OpenBanking/cds-au/v1/banking/products/{productId}

For further technical details of the above APIs, please visit the Consumer Data Standards website

Need to report an issue?

If you are experiencing any difficulties with the API, please contact us with the details.  

Product details including conditions, rates and fees may change from time to time without notice. Please direct your end users to refer to www.geelongbank.com.au for current product details.