Consumer Data Right
Open Banking in Australia: How to Access Real-Time Consumer Data Securely
The rollout of open banking in Australia under the Consumer Data Right (CDR) has changed the way businesses access and use consumer financial data. For fintechs, lenders, and energy providers, CDR is unlocking secure, real-time access to high-quality data from accredited data holders — including Australia’s major banks.
But accessing this data isn’t as simple as calling an API. There are compliance requirements, technical standards, and consent flows to manage. In this guide, we’ll walk through how businesses can access open banking data securely, what the CDR ecosystem looks like, and how Fiskil makes integration seamless.
What Is Open Banking in Australia?
Open banking is the first implementation of Australia’s Consumer Data Right. It gives consumers the ability to share their banking data — including account balances, transaction history, and loan details — with accredited third-party providers.
The goal? To increase competition and innovation in the financial services sector, allowing new entrants to offer more personalised, data-driven products.
Open banking is regulated by:
- The Australian Competition and Consumer Commission (ACCC)
- The Office of the Australian Information Commissioner (OAIC)
For an overview, visit CDR.gov.au.
Who Are the Data Holders?
Data holders are organisations that must share data under the CDR framework when a consumer consents. In open banking, this includes:
- The Big Four banks (ANZ, NAB, Westpac, CBA)
- Regional and neobank institutions
- Credit unions and building societies
You can view the full list of active data holders on the CDR Register.
How to Access Open Banking Data Securely
To access data from Australian banks, your business must:
1. Be Accredited or Partner with an ADR
Only Accredited Data Recipients (ADRs) can receive data directly from data holders. However, you don’t need full accreditation to get started. You can also:
- Partner with a CDR Representative (like Fiskil)
- Operate under a sponsor/affiliate model
More on this via the CDR Participant Pathways.
2. Use CDR-Compliant APIs
CDR APIs follow a national standard. Your product must:
- Request and manage consent properly
- Authenticate securely using OAuth2
- Access and parse CDR-compliant JSON data formats
All APIs must meet the Consumer Data Standards.
3. Protect Consumer Data
CDR requires:
- Encryption of data in transit and at rest
- Secure storage and audit trails
- Clear consent withdrawal mechanisms
These rules ensure that data is only accessed with informed, time-bound consent.
Use Cases for Open Banking in Australia
With access to secure real-time data, businesses can:
- Lending Platforms: Instantly verify income, expenses, and liabilities
- Personal Finance Apps: Deliver smart budgets and real-time insights
- BNPL & Credit Providers: Assess affordability and reduce fraud
- Embedded Finance: Offer account-linked services directly in other apps
How Fiskil Simplifies Secure Open Banking Access
Fiskil is a CDR-accredited API provider that helps fintechs, energy companies, and software platforms access real-time financial data through a single, secure integration.
With Fiskil, you get:
- Access to 140+ CDR data holders
- Support for data sharing and action initiation
- Built-in consent and identity workflows
- Compliance with ACCC and OAIC standards
Whether you're building a budgeting tool, a loan application, or a comparison service, we make it easy to integrate open banking data safely and efficiently.
