Knowledge base / Open Banking
What is Open Banking and is it safe?
What Open Banking actually is
Since 2020, Australian banks have been required to let you share your account data with accredited third parties, under a framework legislated and overseen by the Australian Government. That framework is the Consumer Data Right. "Open Banking" is simply the CDR applied to banking data — balances, rates, repayments, transactions.
The point is to shift power to you. Your bank has always known exactly what you pay; Open Banking lets services working for you — like Rate Monitor — see the same facts, with your permission, and check whether you could do better.
Why it's safe
- You never share your password. You authenticate directly with your own bank, usually via a one-time code. No credentials pass through anyone else.
- Data sharing only. CDR data sharing is used for review — it provides no ability to move money or transact on your accounts.
- Only accredited providers participate. Recipients must meet government accreditation, security and privacy obligations. Rate Monitor's connection runs through Frollo, an accredited CDR provider.
- Consent is specific and revocable. You choose which accounts to share and for how long, and you can withdraw consent at any time.
- Data use is restricted. Providers may only use shared data for the purpose you consented to.
Open Banking vs the old ways
| Open Banking (CDR) | Password "screen scraping" | Paper statements | |
|---|---|---|---|
| Password shared? | Never | Yes — full credentials | No |
| Access type | Data sharing only, regulated | Whatever your login allows | Static snapshot |
| Revocable? | Instantly | Only by changing password | n/a |
| Accuracy | Live, from the bank | Live but brittle | Out of date quickly |
How Rate Monitor uses it
Rate Monitor uses Secure Finance's Frollo Open Banking service to review your home loan using real loan information. You start on our site, continue into the secure Frollo CDR journey, pick your bank, verify yourself with them directly, choose which loan accounts to share and confirm consent. Secure Finance then reviews the data and contacts you only if you could save $2,500 or more in the first year — through your current lender or a refinance. Full details on the Open Banking & security page.
FAQ
Is Open Banking required to use Rate Monitor?
No. You can submit your loan details manually instead — Open Banking simply makes the review more accurate.
Can I stop sharing once I've started?
Yes. Consent can be revoked at any time, and data sharing stops.
Where can I read more?
The official consumer guidance lives at cdr.gov.au.
See it for yourself
The connection takes a few minutes, and you control every step.
General information only, prepared by Secure Finance Services Pty Ltd (ACL 465059). It does not consider your objectives, financial situation or needs.