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Open Banking and Suncorp Bank

Application Programming Interface (API)

A set of rules that defines how a software program can request and receive information from other software, usually a website.

What’s Open Banking?

Open Banking refers to industry-wide changes designed to make it easier for you to compare financial products and services and gain more control over financial data, such as your transaction history.

The Australian Government legislated these changes. Sometimes you’ll hear them described as the Consumer Data Right or CDR. This is how the Government describes the rules they’re putting in place to ensure consumers’ right to acess and share their data. Suncorp Bank has been working with regulators, consumer groups and others to make this happen.

Phase 1: Product data sharing

Information about some of Suncorp Bank’s products is available through a new Product API (Application Programming Interface).

This includes interest rates, fees, and terms and conditions across Suncorp Bank’s deposit products and Suncorp Clear Options credit cards*.

By making this information available through an API, it will be easier for other organisations to help consumers compare banking products.

Phase 2: Consumer data sharing

When consumer data sharing becomes available to Suncorp Bank customers (currently planned for 2021), you’ll be able to share information such as your transaction history with companies accredited by the Australian Competition and Consumer Commission (ACCC).

Your data will be protected under strong Privacy Safeguard guidelines (Consumer Data Standards, or CDS) as set out in Consumer Data Right Rules.

You’ll control which companies can access your data and what data you share. You can cancel your consent and request that these companies delete your data at any time.

Look out for more information to come

We’re excited about the promise of Open Banking and we’re working on ways we can help you make the most of these changes.

We’ll be updating this page with more information as we get closer to launching consumer data sharing in 2021.

Things you should know

*Product details including terms, conditions, rates and fees may change from time to time without notice. Suncorp Bank is not liable for how terms, conditions, rates and fees are interpreted and displayed by data recipients once such data has been provided by Suncorp Bank.

Citigroup Pty Limited ABN 88 004 325 080, AFSL No. 238098, Australian Credit Licence No. 238098 (Citigroup) is the credit provider and issuer of Suncorp Clear Options Credit Cards. Suncorp-Metway Ltd ABN 66 010 831 722, Australian Credit Licence No. 229882 (Suncorp Bank) promotes and distributes Suncorp Clear Options Credit Cards on Citigroup’s behalf under an agreement with Citigroup. Suncorp Bank will not guarantee or otherwise support Citigroup’s obligations under the contracts or agreements connected with the Credit Cards (other than those relating to Suncorp Bank internet banking and telephone banking). Suncorp Bank has not assisted you to make this application and does not suggest you apply for any particular Suncorp Clear Options Credit Card type. Citigroup, not Suncorp Bank, will be assessing your application.

Suncorp Bank banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882 (“Suncorp Bank”).

Application Programming Interface (API)

A set of rules that defines how a software program can request and receive information from other software, usually a website.

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