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.

Learn more at fiskil.com