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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
Accreditation
86 400
You will be able to see a real-time comparison of savings interest rates from participating banks.
Data holder
Adatree
Adatree is a consumer data right platform assisting other businesses with open banking.
Data recipient
AMP Bank
AMB will allow clients to share their data using open banking.
Data holder
ANZ
You will be able to securely share your data held with ANZ with other accredited companies.
Data holder
Australian Military Bank
You will be able to securely share your data held with Australian Military Bank with other accredited companies.
Data holder
Basiq
Basiq is an open banking platform.
Data recipient
Bendigo and Adelaide Bank
You will be able to securely share your data held with Bendigo and Adelaide Bank with other accredited companies.
Data holder
Citigroup
You will be able to securely share your data held with Citigroup with other accredited companies.
Data holder
Commonwealth Bank
You 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 Simple
Credit Simple is using open banking to provide financial information alongside its credit score offering.
Data recipient.
Ezidox
You can elect to share your documents with Ezidox or you can collect personal documents from data providers.
Data recipient
Finder
You can elect to share data with Finder (us!) to find yourself a better deal through more personalised comparisons and results.
Data recipient
Frollo
See your financial accounts in the Frollo app after you've securely connected them through open banking.
Data recipient
Heritage Bank
You will be able to securely share your data held with Heritage Bank with other accredited companies.
Data holder
HSBC
You will be able to securely share your data held with HSBC with other accredited companies.
Data holder
Ilion
Credit reporting and data company Ilion is an accredited data recipient and will use it in its open data products for businesses.
Data recipient
Intuit
Intuit will integrate open banking capabilities into its accounting software.
Data recipient
Judo Bank
You will be able to securely share your data held with HSBC with other accredited companies.
Data holder
Macquarie Bank
You will be able to securely share your data held with Macquarie Bank with other accredited companies.
Data holder
MyState
You will be able to securely share your data held with MyState with other accredited companies.
Data holder
NAB
You will be able to securely share your data held with NAB with other accredited companies.
Data holder
Regional Australia Bank
You 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
SISS
SISS is a data company and provides bank APIs for open banking.
Data recipient
Suncorp
You will be able to securely share your data held with Suncorp with other accredited companies.
Data holder
Tyro Payments
You will be able to securely share your data held with Tyro Payments with other accredited companies.
Data holder
Volt Bank
You will be able to securely share your data held with Volt Bank with other accredited companies.
Data holder
Westpac
You will be able to securely share your data held with Westpac with other accredited companies.
Data holder
Yodlee
You 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:
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
There are two different types of companies taking part in open banking: data providers and data recipients. Data providers are banks and credit unions that hold your financial data. They are required to take part in open banking. Data recipients are companies that become accredited to receive data. These are financial companies and apps that want to provide an open banking service.
The Consumer Data Right (CDR) was introduced by the government in November 2017 as a way for Australians to have more control of their data. Open banking is the first iteration of CDR in an industry. Following this rollout, CDR will be applied to the energy and telco sectors.
Getting accredited as a data recipient under open banking is a complicated and long process. The regulator needs to ensure anyone receiving data can hold it securely and will use it properly. More companies, such as fintechs, are likely to sign up, but it may take time for them to get their processes in order.
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.
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