Open Banking allows consumers and businesses to securely share their financial data with accredited providers they trust. This data sharing is permission-based, government regulated under the CDR, and designed to give customers more control, transparency, and choice.

Open Banking enables safe connection of financial information from multiple to approved apps and services.  

In Australia, the banking industry was the first sector to launch as part of the CDR on 1 July 2020. Fast forward, there are now more than 110 banks which currently make it possible for their customers to share financial data safely without screen scraping with third-party accredited providers. This enables millions of Australians to safely share financial data to access faster lending, better money management tools, and more personalised financial services.

Open Banking gives consumers greater control and transparency over their financial data, delivering clearer insights into spending and financial health, more personalised products, and simpler money management across multiple accounts.

By harnessing real-time financial data, businesses can accelerate onboarding, access richer insights, enhance customer engagement, and deliver smarter, more personalised, data-driven experiences.