Biza.io has announced a new solution designed to help more businesses receive open banking data from Australian banks through the Consumer Data Right, or CDR. The product, called openfeed, puts consumers in control of how their financial information is shared with third party applications. It aims to reduce complexity and encourage wider adoption of Australia's open banking framework.
How openfeed Works
With openfeed, a consumer provides only one consent per bank account before connecting that account to the platform. The consumer can then use openfeed to authorise onward data sharing with chosen apps and see which services hold live CDR consents. Revocation is handled inside the free service, which also displays the last data sync to confirm apps are up to date.
Reducing Friction in the Current System
Previously, a consumer wanting to share bank data with three businesses needed to initiate three separate open banking consents inside the same online bank account. Businesses seeking to receive that data also had to enter the primary CDR ecosystem through pathways such as CDR Representative, which can take months to achieve. The CDR Rules have created additional adoption hurdles, including requirements around nominated representatives, derived data, data comingling and deletion after consent expiration.
A Working Version of Third Party Disclosure Consent
openfeed appears to function as a working version of a Third Party Disclosure Consent, or TPDC. In 2025 Treasury selectively consulted on this concept, which would let a consumer authorise an Accredited Data Recipient to disclose CDR data to a nominated third party for a specified purpose. Modelling by Lateral Economics, released at the Fintech Data Horizons Summit, identified benefits including better interest rates, time savings, risk reduction and greater market competition.
Leadership Perspective
Stuart Low, CEO and founder of Biza.io, said Australia built one of the world's most ambitious consumer data rights legislations and then made it complicated to use. As a result, many teams kept screen scraping and document sharing, which carry significant risk. Low added that openfeed is built on the existing CDR model and addresses the need to move away from those risky practices affordably and quickly.
Faster Integration and Security Benefits
Businesses can integrate with a single openfeed API and go live in as little as one hour, according to Biza.io. Once consented data is shared from openfeed via the API, it is governed under the Privacy Act with strict standards for informed and explicit consent. Low said the company wants to deliver CDR benefits to Australian consumers faster, cheaper and more efficiently.
Addressing Verification Challenges
Market pressure is also building around verification. Reports of mortgage fraud and AI-generated fakes from online template farms have made it clear that banks and non-bank lenders need trusted source of truth data. openfeed is positioned to help those institutions verify customer information directly from a secure banking source without exposing consumers to the risks of screen scraping.
Brisbane-based Biza.io is a CDR specialist and market leader in data holder solutions, having helped more than 30 banks and utilities go live as CDR data holders. Other Accredited Data Recipients are also innovating in this area, which suggests the market is moving toward more practical data sharing models. openfeed may accelerate that shift while keeping consumers in control and reducing reliance on less secure practices.