Third Party Access in Australian Finance: 2025 Guide

The landscape of Australian finance is shifting rapidly in 2025, thanks in part to the expanding role of third party access. As open banking, digital wallets, and new payment platforms become the norm, understanding third party access—what it is, how it works, and the risks and opportunities it brings—is essential for anyone managing their money.

What Is Third Party Access in Finance?

Third party access refers to the ability of an external party—like a fintech app, accountant, or even a family member—to access your financial information or conduct transactions on your behalf. This access can be granted in several ways, including:

• Open Banking APIs: Under Australia’s Consumer Data Right (CDR), banks must allow accredited third parties to access your data if you authorise it. This enables you to use budgeting apps or switch banks more easily.
• Account Mandates: You can authorise someone (like an accountant or lawyer) to view or manage your bank accounts, which is common in estate planning or business finance.
• Payment Initiation: Some services let authorised third parties initiate payments directly from your account, streamlining bill payments or investment contributions.

With the 2025 updates to the CDR, the scope of data accessible—and the controls available to consumers—has grown significantly. For example, you can now set time-limited or purpose-specific permissions, adding an extra layer of security and control.

The 2025 Regulatory Environment: New Protections and Responsibilities

This year, the Australian government has tightened the regulatory framework governing third party access. Key updates include:

• Expanded CDR Coverage: As of February 2025, open banking has been extended to cover superannuation, insurance, and energy accounts. This means third parties can now aggregate and analyse more of your financial life—if you permit it.
• Enhanced Consent Frameworks: Financial institutions must provide clearer, more granular consent options. You can now authorise access for a specific service (e.g., an energy comparison tool) without giving blanket permission to all your data.
• Stricter Accreditation: All third party providers must meet new security, privacy, and operational benchmarks to retain their accreditation, with regular audits and higher penalties for breaches.

For example, a Sydney-based fintech, SpendWise, recently gained full CDR accreditation, allowing users to link their super, insurance, and transaction accounts for holistic financial insights. But the company underwent a rigorous security review, demonstrating how consumer protection has become central to third party access in 2025.

Benefits and Risks: How to Stay in Control

The expansion of third party access brings tangible benefits:

• Personalised Services: Apps can offer tailored advice, savings tips, and comparisons when they have a complete view of your finances.
• Smoother Switching: Moving your accounts or comparing providers is easier when authorised third parties can access your data on your behalf.
• Shared Access: Business partners or family members can manage joint finances more efficiently with clear mandates and digital controls.

However, the risks are just as real:

• Privacy Concerns: Granting access to sensitive data means trusting that third parties will protect it—and that they won’t misuse it.
• Scams and Fraud: Fraudsters may pose as legitimate third parties. In 2025, the ACCC has reported an uptick in scams targeting consumers who misunderstand consent screens or share credentials.
• Revocation Confusion: With more granular permissions, it’s easier to lose track of which apps or individuals have access to your accounts.

To stay in control:

• Regularly review your active consents through your bank or the government’s CDR dashboard.
• Only authorise accredited providers—check the public CDR register before granting access.
• Set calendar reminders to review and revoke old or unused permissions.
• If in doubt, contact your bank directly for help managing third party access.

Real-World Examples: Australians Using Third Party Access in 2025

Consider the case of Emma, a Melbourne-based freelancer. She uses a budgeting app that aggregates her bank, super, and tax data to provide monthly cashflow forecasts and tax reminders. Thanks to the 2025 CDR enhancements, Emma can now see exactly what data is shared and for how long. She’s also set up a digital mandate for her accountant to access her BAS records each quarter—no more emailing statements back and forth.

Meanwhile, a growing number of retirees are giving their financial advisers time-limited access to investment portfolios, ensuring they stay in the loop but retain control over sensitive information. In the business world, startups are automating payroll and expenses by linking third party apps to their banking platforms—dramatically reducing admin time and error risk.

The Bottom Line

Third party access is rapidly becoming a standard feature of Australian finance, unlocking new ways to save, invest, and manage money. But with greater power comes greater responsibility—both for consumers and for the providers they trust. By staying informed and proactive, you can reap the benefits of these new tools while keeping your financial life secure and private in 2025.