What is Open Banking
In 2019, the Australian Government passed Consumer Data Rights (CDR) legislation, giving consumers and small businesses new rights over their personal data.
CDR paved the way for Open Banking, which allows consumers to share their financial data with accredited organisations. This will make it easier to compare products and services, and switch between different financial institutions.
Is it secure?
At Macquarie Credit Union, 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) and comply with all privacy and security requirements.
The benefits of Open Banking
As the system matures, it is expected to provide a number of benefits including:
- Making it easier to secure a loan
- Accessing budgeting tools that let you track and plan your spending
- Being able to switch more easily from one financial institution to another.
Our Product Reference Data (PRD) APIs
Our Product APIs enable developers to access information about the Credit Union’s products.
These APIs include all products pertaining to the Consumer Data Right. Consumers may see the information from these APIs presented to them when using product comparison websites.
For further details on the associated products, please refer to the Consumer Data Right rules.
Our Product APIs currently cover the following Open Banking product categories:
- Transaction Accounts
- Savings Accounts
- Term Deposits
- Credit Cards
Developers can use the below APIs to obtain information about Macquarie Credit Union’s Products and Product Details:
Macquarie Credit Union’s Product API enables the developers to access our products offered to the market via the following URL:
Product Details API
Macquarie Credit Union’s Product Details API, provides product information such as eligibility, fees, interest rates, features and other basic details via the following URL:
For more information contact firstname.lastname@example.org or call 1300 885 480 during business hours.