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openfeed and MogoPlus have partnered to give Australian lenders access to Consumer Data Right data and affordability assessments through a single integration. The arrangement is aimed at lenders that want to use verified banking data without becoming accredited under the CDR regime.
The service targets non-bank lenders, mutuals, credit unions and consumer finance fintechs that still rely on screen scraping, PDF bank statements and manual document checks during loan assessments.
The partnership combines openfeed's role as an Accredited Data Recipient with MogoPlus's GoLend Affordability Report. Under the model, a customer consents to openfeed obtaining financial data from banks and sharing it with a nominated lender. MogoPlus then analyses the information and produces an affordability outcome.
The move follows guidance from the Australian Competition and Consumer Commission on Third Party Disclosure Consent. The guidance allows an accredited recipient to disclose CDR data to a third party for a specified purpose for up to 12 months. Once shared, the lender holds and uses the data under the Privacy Act rather than CDR rules.
That change addresses one of the main barriers to broader use of open banking data by lenders outside the largest banks. Until now, firms seeking direct access to CDR data typically had to become an Accredited Data Recipient themselves or appoint a CDR representative, bringing compliance requirements, security obligations and extra cost.
FinTech Australia has previously estimated the cost of meeting CDR security requirements at between AUD $50,000 and AUD $100,000 a year. Under the new structure, lenders can avoid that process by relying on openfeed's accreditation.
Fraud concerns
The companies positioned the offer as an alternative to older verification methods that rely on customer-uploaded documents or access to internet banking credentials. Those methods remain common in consumer lending despite industry concerns about fraud, incomplete disclosure and delays in credit assessment.
Equifax's Fraud Index Report for its 2025 year in review found first-party fraud rose 25.5% year on year. It also recorded a 14.3% increase in false-document credit listings across mortgages, personal loans and car loans.
Undisclosed liabilities have also drawn attention, particularly around buy now, pay later products. The Mortgage and Finance Association of Australia has told Treasury that lenders increasingly need information on such commitments to meet responsible lending obligations.
Under the new arrangement, customers can authorise data sharing during an online loan application. openfeed then retrieves verified information from CDR data holders through a single application programming interface. MogoPlus analyses transactions, verifies income, validates expenses, maps liabilities including buy now, pay later usage, and flags indicators such as financial stress or synthetic income patterns.
The lender then receives an Approve, Refer or Decline result through an API, PDF or dashboard, along with the factors behind the outcome.
Speed claims
The companies said the process can cut assessment times from days to minutes by replacing manual review with verified digital records. They cited industry platform data reported by Broker Daily showing that loan applications using open banking data were approved 11% faster on average than traditional applications, rising to 21% faster for refinancing cases.
The model also gives lenders ongoing visibility beyond the initial application. A single consent can provide access to a customer's data for up to 12 months, allowing a lender to recheck serviceability and identify signs of financial pressure after origination.
Customers can choose which accounts to share and can revoke access at any time. Lenders and openfeed do not receive bank passwords, and card numbers are removed from transaction data.
Ben Ford, Chief Revenue Officer at MogoPlus, said its customers had long wanted easier access to verified bank data without the cost and complexity of accreditation.
"Lenders have known for years that verified bank data beats a PDF statement. What held them back was the cost and complexity of getting it. With openfeed, that barrier is gone. Our customers get decision-ready affordability insight from the first application, and can trust every yes," Ford said.
Stuart Low, Founder and Chief Executive Officer at Biza.io, said the openfeed platform had been designed to widen access to CDR-based data sharing.
"openfeed was built so any business can put verified data from the CDR to work, without an accreditation project. Partnering with MogoPlus means lenders don't just get the data; they get an answer they can act on," Low said.