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There is a similar system in use in New Zealand and Australia called POLi:

https://en.wikipedia.org/wiki/POLi_Payments

It's discouraged by banks and you don't see it as much as you used to (in NZ anyway).

It's still around for some things, eg Jetstar. You used to be able to do a manual online transfer to pay for flights but now POLi is the only way you can avoid the $5 credit card surcharge. Grinds on me every time I buy a flight.

Poli now manage this via an API with Westpac at least, i.e. you go to Poli, redirect to Westpac and log in, then redirect back to Poli who pull in the info with an API. Very much like an OAuth flow, but I don't know the actual details of it. (I won't get into how oauth isn't a great solution, but at least I'm not exposing my creds to Poli).

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