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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.