Open Banking is a new data sharing initiative introduced by the Australian government that has been designed with the intention to give you greater access to and control over your financial data.
As part of the Australian government's Consumer Data Rights Legislation, Open Banking is intended to provide a safe and secure framework for you to authorise accredited third parties, such as Financial Planners, Accountants or app providers, to access your financial information so that they can provide you with goods or services.
If you choose to give a third party access to your data, they may be able to see things such as an overview of your bank accounts, your transactions, interest rates and/or the fees and charges you are paying. This could allow them to help you to better understand whether you're getting real value for money with your banking products.
Once Open Banking is introduced Australia-wide it could change the way you compare products and services between banks.
At Heritage, protecting your privacy is our priority. We understand that giving a third party access to your banking data may seem a little daunting. Rest assured, Open Banking has privacy protections in place that will ensure your data is shared safely and securely. The protections include:
Open Banking will allow developers to build apps and services based on accessing product and consumer data held by financial institutions, like banks.
Our base URL for API calls is https://product.api.heritage.com.au/cds-au/v1/
Currently, we support these two specifications: