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Where you can use open banking

The banks and fintechs taking part in open banking.

Open banking officially started in July 2020 and is now active in the banking and energy sectors. This guide will take you through what companies are doing with open banking and how you can use their services.

What is open banking?

Open banking is a way for you to securely share your financial and personal data between organisations.

Before open banking, sending your own financial data from your bank to another company was only possible through screen-scraping technology, which allowed companies to get read-only access to your bank statements with your permission.

While screen scraping is still used, open banking offers a government-approved way for you to share your information. This can help you find better products and services, switch products more quickly and take up new financial services, such as budgeting apps.

Is my bank taking part?

Yes, all financial institutions will take part in open banking. However, it has been rolled out in stages.

For example, customers from the Big Four banks (CommBank, ANZ, Westpac and NAB) could share data from some of their personal accounts from as far back as July 2020 while customers of the non-major banks had to wait until July 2021 to do the same.

Now, you should be able to share information no matter who you bank with. You can find out more about the rollout timelines and what types of data are available under open banking here.

Data holder vs data recipient

There are 2 different types of companies taking part in open banking: data providers and data recipients.

Data holders are companies such as banks and energy providers that hold your data. They are required to take part in open banking.

Data recipients are companies that become accredited to receive data. These are companies that have become accredited to securely receive data from data holders. A company can become a data provider and a data holder.

Where you can use open banking

AdatreeData recipient
AGL EnergyData holder
Alinta EnergyData holder
AMP BankData holder
Arab BankData holder
ANZData holder & data recipient
Australian Military BankData holder
Australian Mutual BankData holder
Australian Unity Bank LimitedData holder
BasiqData recipient
Bendigo and Adelaide BankData holder
CitigroupData holder
Commonwealth BankData holder & data recipient
Credit SimpleData recipient.
EzidoxData recipient
FinderData recipient
FrolloData recipient
Heritage BankData holder
HSBCData holder
IlionData recipient
IntuitData recipient
Judo BankData holder
Macquarie BankData holder
MyStateData holder
NABData holder
Regional Australia BankData holder & data recipient
SISSData recipient
SuncorpData holder
Tyro PaymentsData holder
Volt BankData holder
WestpacData holder
YodleeData holder

Example: How do I use an open banking service?

This will differ depending on what the service is and how the provider has set it up. We can look at how Frollo's open banking process works to get an idea:

  1. Open the Frollo app
  2. Select your bank
  3. You will be shown what data Frollo will receive from your bank
  4. You select how long Frollo can keep the data for
  5. You will be redirected to your bank
  6. Confirm the data that will be sent to Frollo
  7. Verify your identity with your bank
  8. The selected data is transferred to Frollo

Frequently asked questions about open banking

Written by

Elizabeth Barry

Elizabeth Barry is the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review. See full profile

More guides on Finder

  • Open banking in Australia

    Open banking has started! Find out exactly what open banking is and how it's going to change your finances.

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