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/fintech||Open banking service||How you can use it||Accreditation|
|86 400||Real-time comparison of savings interest rates from participating banks.||See how interest rates across savings accounts compare in the 86 400 app.||86 400 is not currently accredited. It is just pulling information from a range of banks' product feeds to provide the comparison.|
|Credit Simple||Credit Simple is using open banking to provide financial information alongside its credit score offering.||You can see details of your finances as well as your credit score.||Data recipient.|
|Frollo||Budgeting app Frollo lets you connect your bank accounts to the app securely through open banking.||See your financial accounts in the Frollo app after you've securely connected them through open banking.||Data recipient.|
|Ilion||Credit reporting and data company Ilion is an accredited data recipient and will use it in its open data products for businesses.||Businesses can work with Ilion's open data product to help with lending and verification.||Data recipient.|
|Intuit||Intuit will integrate open banking capabilities into its accounting software.||Intuit users will be able to feed their financial data into Intuit through open banking.||Data recipient.|
|Regional Australia Bank||Regional Australia Bank is working with Microsoft and Basiq to use open banking as part of its loan service. It also plans to provide data to fintechs.||The loan application process will be smoother by using open banking to securely pull your financial data. You may also be able to share this information with fintechs down the track.||Data recipient.|
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:
- Open the Frollo app
- Select your bank
- You will be shown what data Frollo will receive from your bank
- You select how long Frollo can keep the data for
- You will be redirected to your bank
- Confirm the data that will be sent to Frollo
- Verify your identity with your bank
- The selected data is transferred to Frollo
Frequently asked questions about open banking
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