What is open banking?
Open Banking gives you greater control of your banking data. It was introduced after the Australian Government passed legislation, called the Consumer Data Right (CDR).
You can find our CDR Policy here.
When does open banking start?
There are two stages to making Open Banking fully available. The first is for banks to release generic ‘Product Reference Data’, which is all the key information about their products and services – transaction accounts, savings accounts, credit cards, personal lending, and home loans. This first stage has been completed by Hume Bank. This means our Product Reference Data is available now.
The second stage is for banks to make name and contact information, bank account details and transaction data available for sharing. This is your CDR data that you can consent to sharing with accredited data recipients to more easily take advantage of new offers, products and services.
Hume Bank’s introduction of CDR data sharing functionality has been delayed but you will be able to allow sharing of your Hume Bank CDR data in late 2021.
Is it safe to share my data?
Protecting your information and privacy is our priority. Open Banking has privacy protections in place to help you share your data safely and securely. These protections include:
- It’s your choice to participate in Open Banking and sharing your data with an accredited data recipient is by opt-in only.
- You manage which data you want to share by using an online dashboard that we provide to you in iBank and you can cancel your permissions at any time.
- Your data will be transmitted to an accredited data recipient through a secure connection. This connection is governed by strict terms and conditions defined by the Australian government about how your data must be secured.
- Accredited data recipients can only access your data for up to 12 months. You will need to re-authorise their access after this.
- You can ask an accredited data recipient to delete any data you have shared with them.
Where can I find out more about Open Banking?
For further information about Open Banking, visit the Australian Government’s Consumer Data Right website.
Information for developers
Open Banking allows developers to build apps and other services which access data held by financial institutions like Hume Bank, through use of Application Program Interfaces (APIs). Our APIs have been developed in accordance with the Consumer Data Standards.
The Hume Bank API provides access to information about our retail and business deposit and credit card products.
Information on the contents and use of the API is available from the Australian Consumer Data Standards. These standards have been developed as part of the Australian Government's introduction of the Consumer Data Right legislation to give Australians greater control over their data.
Hume Bank's Product API: https://ibank.humebank.com.au/openbanking/cds-au/v1/banking/products