We are excited to be part of the Open Banking initiative
What is Open Banking?
In May 2018 the Australian Competition and Consumer Commission (ACCC) announced the introduction of the Consumer Data Right (CDR), which will give consumers greater access to and control over the data that banks and other organisations have on consumers’ use of services and products. The aim is to make it easier for customers to compare products from a number of providers. The banking sector will be the first to implement the CDR, followed by the energy and telecommunications sectors. Within the banking sector, this initiative is referred to as Open Banking.
In August 2020 BOQ Specialist published information about our deposit, transaction and credit card products via a new Product API (Application Programming interface). Information related to residential mortgages, personal loans and car loans was added in early 2021. Information on business finance, lines of credit, overdrafts, trust accounts and consumer leases will be added mid-2021. This information is also readily available on our website and includes details of product rates and fees.
For information on the CDR, as well as proposed on timings for this phased programme delivery please refer to the Consumer Data Right rules.
In a later phase of Open Banking customers will be able to consent to share their bank account and transaction information with other accredited organisations through a secure system. The objective is to help customers to more easily find the best products for their personal needs. We will provide more information when the feature is available.
Is Open Banking secure?
BOQ Specialist is committed to keeping your data safe, in line with the Open Banking privacy and security guidelines set out by the ACCC. Information on our Privacy Policy is available here.
About our Product API
Our Product APIs have been developed in line with the Consumer Data Standards.
- The request must be a HTTPS Get request to the relevant product API endpoint. The mandatory parameters defined in the specifications must be included. URLs and links to specifications are given under each API section below;
- These are public APIs and do not require authentication;
- The response will be in the format defined by the Consumer Data Standards.
Our Product API is published here:
- API URL: https://secure.api.boqspecialist.com.au/cds-au/v1/banking/products
- For information on a single product: https://secure.api.boqspecialist.com.au/cds-au/v1/banking/products/{productId}
Additional information:
- Product API multi-version support (for x-v=2 and x-v=3) is available.
- Pagination is supported by the Product APIs.
If you are experiencing any technical issues with the API, please email boqs.openbankingsupport@boq.com.au with the details.
Our progress on implementing the Consumer Data Right reforms
Open Banking presents many exciting opportunities for clients and BOQ Specialist is committed to its implementation. BOQ Specialist will be going live with sharing client data with accredited data recipients for savings accounts, term deposits, credit cards, and transactional accounts from 1 November 2021 and we look forward to sharing more information on this soon.
BOQ Specialist is very supportive of Open Banking and the Consumer Data Right (CDR) regime and is committed to delivering its obligations to comply and provide data portability to its clients. Open Banking gives clients more control over their data and who it’s shared with. Clients will be able to elect for their data that is held by BOQ Specialist to be shared with ‘accredited persons’, and the next stage of Open Banking will see BOQ Specialist providing that service. There are a number of implementation phases which will be subsequently rolled out, these phases are aligned to groups of products.
For most product types, BOQ Specialist is working to deliver this functionality by 1 November 2021. We acknowledge this timeframe is beyond the 1 July 2021 date when we should have implemented the Open Banking and CDR reforms and apologise to any clients this has impacted.
BOQ Specialist remains committed to selecting and implementing sustainable, quality solutions and look forward to providing the best quality data so that our customers can make informed decisions about their banking needs.