Open Banking

The Amigo Visa Credit Card is issued by Community First Credit Union Ltd
ABN 80 087 649 938  |  AFSL and Australian Credit Licence 231204.
Community First is the credit provider and issuer of the credit card.

The Amigo Visa Credit Card is issued by 
Community First Credit Union Ltd
ABN 80 087 649 938  |  AFSL and ACL 231204.
Community First is the credit provider 

and issuer of the credit card.

What is Open Banking?

Open Banking is a new system that makes it easier for consumers to share their banking and financial data with organisations accredited by the Australian Competition and Consumer Commission. It’s part of the Consumer Data Right (CDR) which is designed to give consumers greater access and control over their personal banking information across the industry.

Developers can view our Open Banking Product API here

What does it mean for you?

In August 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. Other examples could include:

  • Being able to sign up more easily for new credit or debit cards
  • 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.

Data you will be able to share under Open Banking

Under Open Banking you will have control over who can access your financial data. Some of the data you may choose to share includes:

  • Personal information such as your phone number, email and address
  • Details of your account balances
  • Information about your financial products such as the interest rate and fees
  • Transaction details including amounts spent.

You have a choice

It’s important to note that your’ data will only be used if you give consent for it to be. It is your choice whether or not you want to give a business access to your data and you can withdraw that consent at any time. You can also ask for data to be deleted if it is no longer needed.

Open Banking is being introduced gradually

As Consumer Data Right grows over time, more providers are expected to become accredited including organisations in the energy sector. This will allow consumers to transfer data from their existing energy provider to a different provider or product comparison website to receive an accurate quote on services.

How secure is Open Banking?

Under Open Banking your personal data remains very secure. The financial institutions and other accredited organisations involved in Open Banking need to follow strict security standards at all times.

Open Banking and Amigo members

Community First Credit Union is the issuer of Amigo Credit Cards and on 1 November 2021, Community First became a Data Recipient under the Consumer Data Right. Our CDR Policy can be found here>

A data holder is an accredited CDR business that holds consumer data and must transfer the data to an accredited data recipient at the consumer's request. Simply put, if you have consented to share your data under the CDR, when an accredited data recipient requests your details to help you compare, switch or manage products or services, we will securely pass that information to them.