Open Banking Update

Open Banking update

We’re making some updates and improvements to Open Banking.

As a Data Holder under Consumer Data Right (CDR), Community First must ensure that we meet the standards and requirements of the Consumer Data Standards for Open Banking. To do this, we’ll be making some updates and improvement to Open Banking.

These changes include:

• Adding additional information fields to products to make it easier to understand what features are available
• Adding additional information fields to fees to provide clarity on maximum and minimum fee amounts
• Adding additional parameters to make it clear what card scheme and types are available

Managing your data

It’s important to note that your data will only be shared and used if you give consent. 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. Community First now provides you with a Consumer Dashboard in Internet Banking, where you can review all your Data Sharing arrangements. You can also make a request to us to stop sharing your data.

This dashboard is available from within Community First Internet Banking by clicking Accounts then Data sharing from the top menu.

For more information

To view a copy of our Data Holder Policy, you can visit our Open Banking information page here.

To view more information on Open Banking, including our FAQs, visit our open banking information page.

Open Banking Information page