What is "Open Banking"?
Open Banking allows you to securely share your bank data with trusted applications like Billroo, giving you better insights into your finances without the need to share your bank login details.
This initiative is part of Australia’s Consumer Data Right (CDR), designed to empower you with control over your financial data.
Open Banking is one of the safest ways to share financial data in Australia, and here’s why:
🔐 No passwords shared — we never see or store your bank login.
🏛️ Government-regulated under the Consumer Data Right.
✅ Only accredited providers can access your data.
⛔ Consent-based — access stops whenever you choose.
This method is much safer than older techniques like screen-scraping, which required sharing sensitive login details.
How Does It Work?
Connecting your bank account through Open Banking is simple and secure. Here’s how it works:
You choose to connect your bank: When you link an account, you’ll be redirected to your bank’s own website or app.
You approve what we can access: You decide:
Which accounts to share.
How long we can access it.
Your bank securely shares the data: Your data is sent to us through a secure, encrypted connection — no passwords are shared.
You can stop access anytime: You have the power to disconnect your bank at any time, instantly.
We hope this guide helps you understand the benefits and workings of Open Banking with Billroo. You can find out more about your rights as a consumer using Open Banking here: https://www.cdr.gov.au/your-rights
Did you know:
Before Open Banking was introduced in Australia, the only way budgeting apps could access your banking data was by using your own login credentials. This method, known as "screen scraping" is still used by some apps to access credit card / mortgage transactions for institutions that aren't currently available via Open Banking. Billroo have never utilized screen scraping and will never have access to any of your bank or credit card credentials.
The ACCC has said "...screen scraping through the sharing of login details puts consumers’ data at risk of misuse. The third party conducting the screen scraping gains access to a broad range of consumer data, with consumers having limited control over how the data is collected and handled. Beyond the risk to consumer data, the ACCC is concerned that the act of encouraging consumers to agree to screen scraping in the financial services sector may induce consumers to breach the terms and conditions of their contracts with their banks. It also exposes consumers to the risk of reduced protections under the ePayments Code, in the event they experience a loss associated with an unauthorised transaction. (Source: ACCC 2023 submission to the Treasury Screen scraping – policy and regulatory implications consultation https://treasury.gov.au/sites/default/files/2024-04/c2023-436961-accc.pdf)
If you ever have questions or concerns please don't hesitate to contact support@billroo.com, we are here to help!