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Where you can use open banking

The banks and fintechs taking part in open banking.

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Open banking officially started in July 2020, and slowly, more and more banks and fintechs are revealing how they are going to let you take advantage of it. 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 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?

The government mandated that the Big Four banks (CommBank, ANZ, Westpac and NAB) allow their customers to opt into open banking from July 2020. This means if you bank with one of the Big Four, you can request your data be sent securely to another company that is offering open banking services. Banks outside of the Big Four need to be ready to participate in open banking by February 2021, but some have already jumped in.

You can see more information about what types of data are available under open banking here.

Where you can use open banking

Bank/fintechOpen banking serviceAccreditation
86 400You will be able to see a real-time comparison of savings interest rates from participating banks.Data holder
AdatreeAdatree is a consumer data right platform assisting other businesses with open banking.Data recipient
AMP BankAMB will allow clients to share their data using open banking.Data holder
ANZYou will be able to securely share your data held with ANZ with other accredited companies.Data holder
Australian Military BankYou will be able to securely share your data held with Australian Military Bank with other accredited companies.Data holder
BasiqBasiq is an open banking platform.Data recipient
Bendigo and Adelaide BankYou will be able to securely share your data held with Bendigo and Adelaide Bank with other accredited companies.Data holder
CitigroupYou will be able to securely share your data held with Citigroup with other accredited companies.Data holder
Commonwealth BankYou will be able to securely share your data held with Citigroup with other accredited companies. You will also be able to securely share your data with CommBank.Data holder and data recipient
Credit SimpleCredit Simple is using open banking to provide financial information alongside its credit score offering.Data recipient.
EzidoxYou can elect to share your documents with Ezidox or you can collect personal documents from data providers.Data recipient
FinderYou can elect to share data with Finder (us!) to find yourself a better deal through more personalised comparisons and results.Data recipient
FrolloSee your financial accounts in the Frollo app after you've securely connected them through open banking.Data recipient
Heritage BankYou will be able to securely share your data held with Heritage Bank with other accredited companies.Data holder
HSBCYou will be able to securely share your data held with HSBC with other accredited companies.Data holder
IlionCredit reporting and data company Ilion is an accredited data recipient and will use it in its open data products for businesses.Data recipient
IntuitIntuit will integrate open banking capabilities into its accounting software.Data recipient
Judo BankYou will be able to securely share your data held with HSBC with other accredited companies.Data holder
Macquarie BankYou will be able to securely share your data held with Macquarie Bank with other accredited companies.Data holder
MyStateYou will be able to securely share your data held with MyState with other accredited companies.Data holder
NABYou will be able to securely share your data held with NAB with other accredited companies.Data holder
Regional Australia BankYou will be able to securely share your data held with Citigroup with other accredited companies. You will also be able to securely share your data with CommBank.Data holder and data recipient
SISSSISS is a data company and provides bank APIs for open banking.Data recipient
SuncorpYou will be able to securely share your data held with Suncorp with other accredited companies.Data holder
Tyro PaymentsYou will be able to securely share your data held with Tyro Payments with other accredited companies.Data holder
Volt BankYou will be able to securely share your data held with Volt Bank with other accredited companies.Data holder
WestpacYou will be able to securely share your data held with Westpac with other accredited companies.Data holder
YodleeYou will be able to elect to share your data with Yodlee to be able to access platforms and services.Data holder

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

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