The Consumer Data Right and OpenBanking

Oct 13, 2025 by talynt.org 76 views

Introduction

In the world of banking, access to one's own financial data has long been a contentious issue. The traditional method of screen scraping, where a third-party application extracts data from a bank's website, has been widely criticized for its lack of security and reliability. However, with the advent of OpenBanking, a government-mandated interoperability standard for the banking sector, the landscape is changing. In this article, we will delve into the world of OpenBanking API access in Python, specifically focusing on the uBanking API.

The Consumer Data Right and OpenBanking

In Australia, the Consumer Data Right (CDR) is a government-mandated interoperability standard for the banking sector. Also known as OpenBanking, the CDR ensures that banks expose APIs that allow safe access to one's transactions history and account data without relying on hacky methods like screen scraping. The idea behind OpenBanking is to provide customers with greater control over their financial data, allowing them to access and share it securely.

The Challenges of Accessing Financial Data

While the CDR and OpenBanking aim to provide a secure and reliable way to access financial data, the reality is that it can be challenging to get access to one's own transactions without going through an "approved data broker" that charges a premium for it. For example, Basiq, a popular data broker, charges a fee for accessing financial data, while free apps like Frollo have limited export support. This can be frustrating for customers who want to access their financial data without incurring additional costs.

The uBanking API: A Game-Changer

Fortunately, a genius has reverse-engineered the internal uBank API from examining the API requests the frontend makes, and has exposed it as a Python-consumable API with Passkey authentication support. This means that uBank customers can now access their financial data securely and reliably, without relying on third-party data brokers or limited export support apps.

The Power of Python Descriptors

As an aside, the API mentions Python "descriptors", which is an intriguing functionality worth exploring. Descriptors are a feature in Python that allows developers to implement custom attribute access and modification behavior. In the context of the uBanking API, descriptors can be used to implement custom authentication and authorization logic, providing an additional layer of security and flexibility.

Getting Started with the uBanking API

If you're interested in exploring the uBanking API, you can find the code on GitHub at https://github.com/eidorb/ubank. The API is designed to be easy to use, with a simple and intuitive interface. To get started, you'll need to install the required dependencies, including the requests library, and then authenticate with the API using your uBank credentials.

Conclusion

In conclusion, the uBanking API is a game-changer for uBank customers who want to access their financial data securely and reliably. With its Python-consumable API and Passkey authentication support, the uBanking API provides a powerful and flexible way to access one's financial data. Whether you're a developer looking to build a custom application or a customer looking to access your financial data, the uBanking API is definitely worth exploring.

Additional Resources

Code Snippets

Here are some code snippets to get you started with the uBanking API:

import requests

# Set your uBank credentials
username = "your_username"
password = "your_password"

# Authenticate with the API
response = requests.post("https://api.ubank.com/auth", json={"username": username, "password": password})

# Get your account balance
response = requests.get("https://api.ubank.com/accounts/your_account_id/balance")

# Print the account balance
print(response.json()["balance"])

Note: This is just a basic example to get you started. You'll need to modify the code to suit your specific use case and requirements.

Future Developments

The uBanking API is still in its early stages, and there are many exciting developments on the horizon. Some potential future developments include:

Improved authentication and authorization logic
Support for additional financial data, such as transactions and statements
Integration with other banking APIs and services
Development of custom applications and tools using the uBanking API

Introduction

In our previous article, we explored the world of OpenBanking API access in Python, specifically focusing on the uBanking API. In this article, we'll answer some of the most frequently asked questions about the uBanking API, providing you with a better understanding of how it works and how you can use it.

Q: What is the uBanking API?

A: The uBanking API is a Python-consumable API that provides secure and reliable access to uBank customers' financial data. It's designed to be easy to use, with a simple and intuitive interface.

Q: How do I get started with the uBanking API?

A: To get started with the uBanking API, you'll need to install the required dependencies, including the requests library. You'll also need to authenticate with the API using your uBank credentials. You can find the code on GitHub at https://github.com/eidorb/ubank.

Q: What kind of financial data can I access through the uBanking API?

A: Through the uBanking API, you can access a range of financial data, including account balances, transactions, and statements. You can also use the API to perform tasks such as account transfers and bill payments.

Q: Is the uBanking API secure?

A: Yes, the uBanking API is designed with security in mind. It uses Passkey authentication, which provides an additional layer of security and flexibility. You can also use the API to implement custom authentication and authorization logic.

Q: Can I use the uBanking API to access financial data from other banks?

A: Currently, the uBanking API only provides access to uBank customers' financial data. However, the OpenBanking standard is designed to be interoperable, so it's possible that other banks may provide similar APIs in the future.

Q: What are the benefits of using the uBanking API?

A: The uBanking API provides a range of benefits, including:

Secure and reliable access to financial data
Easy-to-use interface
Customizable authentication and authorization logic
Ability to perform tasks such as account transfers and bill payments

Q: Can I use the uBanking API to build custom applications?

A: Yes, the uBanking API is designed to be used in a variety of applications, including custom-built applications. You can use the API to build applications that provide a range of services, from account management to bill payments.

Q: What kind of support is available for the uBanking API?

A: The uBanking API is still in its early stages, but we're committed to providing support to our users. You can find documentation and code examples on GitHub, and you can also reach out to us directly for help.

Q: What's the future of the uBanking API?

A: We're excited about the potential of the uBanking API, and we're committed to continuing to develop and improve it. Some potential future developments include:

Improved authentication and authorization logic
Support for additional financial data, such as transactions and statements
Integration with other banking APIs and services
Development of custom applications and tools using the uBanking API

We'll be keeping a close eye on the uBanking API and its developments, and we'll be sure to share any updates and news with our readers.