The future is now
Commit to Open Banking
How would it impact your business if it couldn’t connect to the major banks? Recent events have reduced the availability of access to banking data via web connectors, putting at risk businesses relying on this data to service their customers.
Read more about the changes and how to future-proof your business via Open Banking below.
As an industry we often talk about Open Banking as a future state; ‘it’s coming’, ‘when it matures’… but the future is here and now… As an industry we are playing with fire, hoping changes to data access won’t affect us, but the reality is it’s already happening and we need to move on.
Damir Ćuća – CEO & Founder, Basiq
“As an industry we often talk about Open Banking as a future state; ‘it’s coming’, ‘when it matures’… but the future is here and now… As an industry we are playing with fire, hoping changes to data access won’t affect us, but the reality is it’s already happening and we need to move on.”
Damir Ćuća – CEO & Founder, Basiq
The Open Banking ecosystem is growing
114
Data holder brands
Banks providing access to
Open Banking data
94
Business participants
Businesses enabled to use Open Banking data including ADRs and alternate access models
40 million
API calls
Monthly calls made
to access banking data
99.9%
Average Availability
Rate of success when consumers try to share their CDR data with accredited data recipients
Statistics from CDR.gov.au as of 6th February 2023
The Open Banking ecosystem is growing
114
Data holder brands
Banks providing access to Open Banking data
94
Business participants
Businesses enabled to use Open Banking data including ADRs and alternate access models
40 million
API calls
Monthly calls made to access banking data
99.9%
Average availability
Rate of success when consumers try to share their CDR data with accredited data recipients
Statistics from CDR.gov.au as of 6th February 2023
Some of the businesses who are able to
access Open Banking data via Basiq
View the full list of companies on the Consumer Data Right website
Data access methods are changing
Major Australian banks are committed to Open Banking as the optimal way for customers to share their financial data.
It’s becoming more difficult to access customer banking data via web connectors as banks increase security to protect their customers.
Increased fraudulent activity has made consumers more vigilant about sharing their data than ever before.
Comparing Open Banking
and web connectors
Open Banking and web connectors are different connectivity methods for accessing financial data.
Implemented as part of the Government’s roll out of the Consumer Data Right (CDR) program, Open Banking ultimately provides a better experience for businesses and consumers, enabling innovation and development of new financial products and services.
Comparing Open Banking and web connectors
Open Banking and web connectors are different connectivity methods for accessing financial data. Implemented as part of the Government’s roll out of the Consumer Data Right (CDR) program, Open Banking ultimately provides a better experience for businesses and consumers, enabling innovation and development of new financial products and services.
The benefits of Open Banking
For Business
- Reliability: A national CDR framework
- Data quality: Standardised APIs & data schemas
- Faster connection: Direct connection with Banks
- Security: Utilises best practice standards & protocols
- Scalability: Access to more datasets as the CDR expands
For Consumers
- Trust: Businesses accessing CDR data must be accredited
- Choice: Control of what information is shared and how it is used
- Support: Issues can be raised directly via ACCC
- User Experience: Increased speed and reliability when connecting to Banks
- Security: A more secure way to consent to data sharing
Open Banking offers
For Business
- Reliability: A national CDR framework
- Data quality: Standardised APIs & data schemas
- Faster connection: Direct connectivity with Banks
- Security: Utilises best practice standards & protocols
- Scalability: Access to more datasets as the CDR expands
For Consumers
- Trust: Businesses accessing CDR data must be accredited
- Choice: Control of what information is shared and how it is used
- Support: Issues can be raised directly via ACCC
- User experience: Increased speed and reliability when connecting to Banks
- Security: A more secure way to consent to data sharing
Ready to make the move to Open Banking?
1. Choose an access model
An access model is an approved pathway to connect to banking data under the Consumer Data Right. There are multiple options available and varying levels of commitment depending on the business type.
2. Get connected
With so many options in the market, choosing a data provider can be overwhelming.
Here is a practical a guide to help businesses know what to look for and questions to ask.
Ready to make the move to Open Banking?
1. Become accredited
An access model is an approved pathway to connect to banking data under the Consumer Data Right. There are multiple options available and varying levels of commitment depending on the business type.
2. Get connected
With so many options in the market, choosing a data provider can be overwhelming.
Here is a practical guide to help businesses know what to look for and questions to ask.
Want to find out more?
Check out these resources to find out more about CDR and Open Banking
Consumer Data Right website
Basiq’s Open Banking Hub
Talk to a CDR expert at Basiq
Want to find out more?
Checkout these resources to explore more about CDR & Open banking
