Australia’s Open Banking regime has passed a significant adoption milestone, surpassing more than 5 billion API calls, with over 250 million added in the past few weeks.
The latest figure, sourced from the ACCC data, highlights the growing industry use of Open Banking. API invocations inculcate how readily businesses are accessing the technology to securely obtain financial data in support of their customers.
The total number of API calls hit its last major milestone of 4 billion in August 2025. The figure includes all API calls, which includes emerging use from the energy industry, but is primarily being driven by fintechs and finance companies.
Rehan D’Almeida, CEO of FinTech Australia said: “Thanks to this result, it’s now incredibly hard to argue that Australia’s Open Banking regime isn’t growing, or that it isn’t being used. What was slow growth is now beginning to snowball. We noticed this uptick across our members, and now we’re seeing it reflected in the data.”
“This, however, is surprising given the number of roadblocks the regime has seen in the past 18 months, including calls to pause or cut it due to supposed lack of adoption, just as it’s starting to catch on among industry.”
“More companies are adopting Open Banking, which in turn is leading more Australians to use it. The flywheel is turning, empowering Australians with greater control and clarity over their finances,” D’Almeida said.
“Some of the strongest use cases we’ve seen so far are in personal finance, mortgage broking, accounting and lending. But this is only the beginning—we’re now seeing emerging use cases in energy and other competitive industries.
D’Almeida cautioned that API invocation data should not be interpreted as a measure of the number of participating organisations. “One company—such as a mortgage broker—might use Open Banking multiple times a day for each customer. Another business, like an accounting platform, might only use it once per fortnight per customer,” he said.
“But it’s a metric we track because it’s a clear indicator of overall adoption. It demonstrates that the technology is working, is delivering value, and is well worth policymakers’ time and all of our collective efforts to ensure it continues to roll out effectively.
“The latest policy challenge revolves around addressing consent, requiring consumers to manually tell banks they are happy for their data to be used, often through logging onto their ebanking. We’d like to see this addressed so that consumers can ask companies to do this on their behalf, making Open Banking that much easier to use.”
“Overall, Open Banking isn’t just empowering fintechs, it’s driving productivity growth, driving competition and improving financial literacy, two key goals of the Federal government.”