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What is Open Banking?

Open Banking is a service where you can ask for your data to be shared with other financial institutions and accredited third parties. You can authorise the sharing of your banking information with Accredited Data Recipients (ADRs), making it easier for you to manage, compare and switch banking products and services.

The Open Banking service is part of new legislation passed by the Australian Government called Consumer Data Right (CDR) which aims to increase competition between major banks, financial institutions, and accredited third parties.

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