FAQs

What is Open Banking?

Open Banking refers to the application of the Consumer Data Right (CDR) to the banking sector. It refers broadly to the sharing of banking data via the CDR ecosystem.

Since banking was the first sector to participate in the CDR ecosystem, you may hear people use the phrase ‘Open Banking’ interchangeably with the ‘Consumer Data Right’, but it is just one subset of the CDR regime.

Banking data such as transaction history, scheduled payments and account balances contain a lot of information about how we live our lives and spend our money. Making this data shareable under CDR means Australian businesses can create a wide range of competitive products, features and customer experiences.