Visualising an Open Finance ecosystem

‘Open Finance’ is a term used to describe the accessibility of core financial services made available through APIs. This allows for the sharing of data across multiple financial institutions driven by consumer consent, as well as being able to do something with that data once shared, such as a payment.

The following white paper visualises what a truly Open Finance ecosystem looks like, with references drawn to Australia where necessary to add additional context.

What are some of the key takeaways from the White Paper?

• Open Finance ecosystem model – An interconnected Open Finance ecosystem requires the core layers of Data, Insights and Actions. The proposed model outlines how the core layers interact with other inputs and outputs in the broader economy.
• Open Finance components – There are four critical components that are required to create and enable an Open Finance ecosystem. This includes consent, data, insights and actions.
• Benefits of Open Finance – While complex, Open Finance presents benefits to consumers including increased consumer empowerment, innovation and competition, increased financial literacy and consumer choice.

Important Information: This web copy and white paper has been prepared by Basiq Pty Ltd (ABN 95 616 592 011) (Company), and was originally published on 12 December 2023 on www.basiq.io. Information is current as at the publication date, and the Company has no obligation to update or correct this web copy or white paper. The information contained in this web copy and white paper is of a general nature and is not intended to address the objectives or needs of any particular individual entity, and should not be regarded in any manner as advice. To the extent permitted by law, the Company and its related bodies corporate will not be liable for any errors, omissions, defects or misrepresentations in the information in this web copy and white paper or for any loss or damage suffered by persons who use or rely on such information (including for reasons of negligence, negligent misstatement or otherwise. © 2024 Basiq Pty Ltd.