With consumers having the ability to share data via CDR Open Banking, what are some possible use cases?
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.