Open banking updates

The Australia Government has recently introduced Open Banking, under the legislation known as the Consumer Data Right (CDR). The change will allow you, our customers, to share specific data with accredited third party organisations where you choose to do so. The change will provide you with greater transparency, placing the data in your hands so you can better manage your banking needs.

In September 2020 Illawarra Credit Union went live with phase one of the project, ticking off a key milestone which was focused on making key product data available.

We are now working on phase two of the project, which is shifting the focus to providing customers with the ability to share data. Illawarra Credit Union is working directly with the Australian Competition and Consumer Commission (ACCC) on the implementation plan. We currently have a plan in place with the ACCC, moving the date from 1 July 2021 to 1 November 2021.

From 1 November 2021, Illawarra Credit Union customers will be able to request that their ‘required data’, which includes your contact details, account and payment details, plus Information about the products you have with us including product features and fees & charges.

We’d like to remind our customers that you can request to be given access to your personal information held by Illawarra Credit Union at any time. Please review to our privacy policy for more information.

We’ll be providing more information over the coming months and closer to the November launch. In the meantime if you have any questions about the upcoming changes, please complete our short form, and our team will be in touch.

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