Open Banking was introduced by the Australian Government as part of the CDR (Consumer Data Right) Legislation.
The CDR empowers customers to securely share their Auswide Bank data with organisations accredited by the Australian Competition and Consumer Commission including third parties (e.g. personal finance management apps) and other financial institutions. The potential benefits of sharing this data can include:
You can share data on any of your Auswide Bank deposit, loan and credit card accounts that you hold in your own name jointly or an account held under a business entity. Sharing of personal information with a third party is opt-in only.
Read more on Auswide Bank CDR Policy