Wed, 02 Apr 2025

Real-Time Financial Data: How CDR Powers Embedded Finance in Australia

The Consumer Data Right (CDR) is opening up a new frontier for financial services in Australia: real-time, consent-driven access to financial data. As this access expands, it’s enabling a wave of innovation in embedded finance - the seamless integration of financial services into non-financial products. In this blog, we’ll explore what embedded finance is, how CDR powers it, and what it means for fintechs, lenders, and businesses building financial experiences.

What Is Embedded Finance?

Embedded finance refers to the integration of financial services—such as payments, lending, or insurance—into products offered by non-financial companies. Think:

A retail app offering BNPL at checkout
A property platform offering on-the-spot loan approvals
A budgeting tool that also facilitates savings and payments

CDR is the key enabler of this model in Australia, because it gives accredited businesses real-time access to a consumer’s banking or energy data — with their consent.

Learn more about CDR at cdr.gov.au.

How CDR Enables Embedded Finance

With access to verified, structured data via CDR APIs, businesses can:

Verify income and affordability instantly for loans
Power intelligent payment experiences using real-time account data
Automate financial advice and goal tracking
Switch service providers on behalf of the consumer

By embedding these capabilities directly into digital products, businesses can shorten customer journeys, improve personalisation, and build trust.

For API standards, see the Consumer Data Standards.

Examples of Embedded Finance Use Cases

1. Lending Platforms

Pull real-time transaction history and income data to make faster lending decisions
Use CDR to reduce fraud and reliance on manual uploads

2. Wealth and Budgeting Apps

Access real-time spending data to trigger automated savings
Provide hyper-personalised financial goals and insights

3. Energy Switching Tools

Use usage data to identify better energy plans
Automate switching when predefined criteria are met

4. Payments and Checkout

Use CDR + action initiation to power direct payments from consumer accounts
Offer payment suggestions based on recent financial activity

Why Real-Time Data Matters

The difference between batch data and real-time CDR data is massive:

Traditional Methods	CDR APIs
Manual PDF uploads	Real-time account access
Static snapshots	Live balances and transactions
High fraud risk	Secure, consent-based sharing

With real-time data, businesses can make faster, more accurate decisions—and deliver a seamless customer experience.

Compliance and Trust

All CDR-powered services must follow strict rules set by the ACCC and OAIC, including:

Getting and managing explicit customer consent
Protecting consumer privacy and security
Being listed on the CDR Register

By building with CDR, you’re signalling that your product is transparent, secure, and aligned with government standards.

How Fiskil Supports Embedded Finance

At Fiskil, we make it easy to integrate real-time financial data into your app or service. Our platform provides:

A unified CDR API for banking and energy data
Built-in consent and identity workflows
Action initiation support for payments and switching
Full compliance with CDR technical and privacy standards

Whether you're building a new embedded finance experience or improving an existing product, we can help you go to market faster.

Talk to Fiskil today to get started.