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.

Open Banking aims to give customers the benefit of being able to compare financial data between providers, ensuring you get the best products for your needs. 

BOQ Group published information about our deposit, transaction and credit card products via a new Product API (Application Programming interface) in August 2020. Information about 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 products will be added mid-2021. This information is also readily available on our website and includes details of product rates, fees and features.

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 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.

You can find information on the Consumer Data Right rules, as well as proposed timings for this phased programme delivery here

business finance, lines of credit, overdrafts, trust accounts and consumer leases products will be added mid-2021business finance, lines of credit, overdrafts, trust accounts and consumer leases products will be added mid-2021

About BOQ 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

Product API is published here: https://secure.api.boq.com.au/cds-au/v1/banking/products

For information on a single BOQ product: https://secure.api.boq.com.au/cds-au/v1/banking/products/{productId}

Our progress on implementing the Consumer Data Right reforms

Open Banking presents many exciting opportunities for customers and BOQ is committed to its implementation.  BOQ will be going live with sharing customer 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 with our customers soon.

BOQ 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 customers.  

Open Banking gives customers more control over their data and who it’s shared with. Customers will be able to elect for their data that is held by BOQ to be shared with ‘accredited persons’, and the next stage of Open Banking will see BOQ 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 is working to deliver this functionality by 1 November 2021, and for Bank of Queensland and Virgin Money Australia credit card products by 1 April 2022. 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 customer this has impacted. 

BOQ 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.   

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 openbankingsupport@boq.com.au