Open Banking

What is Open Banking

In 2018 the Australian Government passed a legislation called the Consumer Data Right (CDR). CDR is also referred to as Open Banking and gives Australians greater control over their data, providing customers and small businesses a choice about how their financial data is shared with third parties. Open Banking will encourage competition between service providers, leading to better prices for customers and more innovative products and services.

What this means for Reliance Bank members

Reliance Bank members can choose to share their member details, account information and transaction history for some accounts with an Accredited Data Recipient.

Please refer to our Consumer Data Right policy for more information on how Reliance Bank deals with your data under the CDR.

Sharing your data

• Step 1 Give consent
  You give permission for an Accredited Data Recipient to access your personal data. This will be via their website or app.

• Step 2 Confirmation of identity
  You will be redirected to a Reliance Bank website where you will be verified with your internet banking login and an SMS One Time Password to your mobile phone number.

• Step 3 Select data to be shared
  Confirm and authorise the data you would like to share with the provider.

• Step 4 Data shared
  The data you selected to be shared will be transferred to the Accredited Data Recipient in a machine-readable format for the purpose you chose.

• Step 5 Manage consents
  You will be able to view and manage the consents you have created, including withdrawing them through your Reliance Bank internet banking.

Where can I get more information

For more detail on the Consumer Data Right and Open Banking, please visit the websites below.

• Consumer Data Right
• Office of the Australian Information Commissioner

Product API

The Reliance Bank Open Banking Product Application Programming Interface (API) enables third parties to retrieve information about products that Reliance Bank currently offers. Our APIs have been developed in accordance with the Consumer Data Standards and currently include the following products:

• Home Loans
• Personal Loans
• Transaction Accounts
• Savings Accounts
• Term Deposits
• Credit Cards

How to Access our APIs

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

Key Features of our APIs

• Product Data: Products that Reliance Bank currently offers to the market
• Eligibility Criteria: Eligibility criteria for the product
• Product Features: A range of features available to a specific product
• Product Constraints: Constraints regarding the application for or operation of a product. For example, minimum balances or limit thresholds