Open banking in Australia is a system that allows consumers to securely share their banking data with accredited third parties, such as fintech companies like Retriever and other financial institutions. It operates under the Consumer Data Right (CDR), which gives individuals greater control over their financial data.

Through open banking, consumers can share information like transaction history, account details, and interest rates with approved providers. This enables better financial services, such as tailored product recommendations, improved budgeting tools, and streamlined loan applications.

Banks and financial institutions must comply with strict security and privacy regulations to ensure data is shared safely and only with consumer consent.

You can quickly check your readiness for open banking using the CDR Ready tool provided by our Open Banking partner, SISS Data:

https://cdrready.com.au/

If you have any questions regarding data sharing including how to enable it on your accounts, please contact us or speak with your Retriever partner.