Open Banking

What is Open Banking?

Open Banking is a way for you to safely access and share your finance data (including transaction history, interest rates & account balances) with accredited third parties such as fintechs, banks and finance apps.

What is the Consumer Data Right (CDR)?

The Australian Consumer Data Right (CDR) is about giving you more control over your data. The data sharing happens electronically and automatically between eligible and accredited parties you have approved through a type of software called an API (application programming interface). APIs help different computers or programs connect and share information.


The CDR was launched by the ACCC (Australian Competition and Consumer Commission) in July 2020 off the back of recommendations made as part of the Royal Commission into the banking, superannuation & financial services industry. Banking is the first industry in Australia to take advantage of Australia’s new CDR, creating what is known as ‘Open Banking’. It’s a really big deal for the future of finance in Australia and all the other industries that will follow.


The ACCC looks after who gets accredited (businesses have to work hard for the accreditation), and ensures the rules they enforce are strictly followed.


Who Benefits from Open Banking?

The benefits to you are: 


  • You have more control over your financial data—you can choose how it is used and who gets to use it. 


  • It’s easier for you to compare and switch financial products and providers.


  • There are already a number of finance-type businesses who are accredited in Australia. As more organisations become accredited by the ACCC there will be more competition in the market which could mean a better deal for you. 


  • Open Banking is a safe way for your financial data to be shared. All accredited organisations will be required to comply with privacy and security obligations.


How do I give consent to share my data?

You can update your data sharing settings by opening the Money by Afterpay app and selecting the Profile tab. Tap on Login & Security and then Data Sharing. Tap on the consent you want to view or manage and follow the prompts. 


Want to learn more?

If you’re excited about CDR as much as we are you can learn more about it through the Australian Government.

Consumer Data Right Policy

To read more about the CDR policy and how to safely access and manage your data, see Westpac’s Consumer Data Right Policy.

The techy stuff...if you’re into that kind of thing

Product reference data for Afterpay is available at the following URL:


api.cds.afterpay.com.au/cds-au/v1/banking/products/

Further assistance

Money by Afterpay is a product from Afterpay Australia Pty Limited (ABN 15 169 342 947, AFSL 527911), with accounts and debit cards issued by Westpac Banking Corporation (ABN 33 007 457 141, AFSL 233714). To learn more about Open Banking at Westpac, please visit Westpac’s open banking webpage or for further assistance contact the Open Banking Team at [email protected]

Money by Afterpay is a product from Afterpay Australia Pty Limited (ABN 15 169 342 947, AFSL 527911) , with accounts and debit cards issued by Westpac Banking Corporation (ABN 33 007 457 141, AFSL 233714). Any advice has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, you should consider whether it’s appropriate to you, in light of your objectives, financial situation or needs.