Open Banking: Changing the data sharing game for SMEs

Open Banking: Changing the data sharing game for SMEs

Bank data sharing that gives you control, consent and financial clarity.

Your bank feed is getting a serious upgrade. Open Banking is the future of how bank data is shared - and it's bringing a new generation of financial features that older systems simply can't deliver. It's built on Australia's government-regulated standard, which means setup in minutes rather than days, broader bank coverage and more reliable feeds.

Open Banking is the new Australian standard for sharing bank data, backed by the Consumer Data Right (CDR) and the Australian government. It allows businesses and individuals to share financial data on their own terms - and connect with tools like accounting software, business management platforms and personal finance apps without being limited by which providers their bank supports.

MYOB is rolling out Open Banking in 2026. Whether you're setting up a bank feed for the first time, have tried before and hit a wall with an unsupported account, or are already on a classic feed and wondering what this means for you - read on. Open Banking is an opt-in upgrade: your existing bank feed keeps working exactly as it is, nothing changes unless you choose to switch. Want to know if your bank and account are ready for Open Banking? Check now at app.cdrready.com

Here's what you need to know:

Understanding Open Banking

Open Banking is Australia's government-regulated standard for bank data sharing - a single, consistent framework that gives you direct control over your financial data. You decide what's shared, with whom, and for how long. Every provider that participates must be accredited through the Australian Competition and Consumer Commission (ACCC), and your bank can only share your data with your explicit consent.

It's managed by the Australian government and the CDR, which means it's closely regulated and security-focused. When you use Open Banking, you can give permission for third parties - like accounting software or financial service providers - to access and use your banking data. Your business gives permission for the bank to share your data for a limited time (usually 12 months), and the bank uses a secure API to give the accredited data recipient (ADR) access.

It's a process designed around transparency and control, with your business setting the terms for who can access data and which information is accessible.

A step up from older systems

While software providers have offered automated bank feeds for years, these work quite differently. Older processes aren't managed by a government entity and don't use standardised processing or APIs. With no single format or system for data sharing, users relied on individual banks to set rules and keep data safe.

Of course, many of these classic systems (including MYOB's) work well, delivering the necessary data and helping business owners track spending and income. Issues only arise when bank systems clash with provider systems, when applications are delayed, or when changes to bank web pages or apps disrupt data access. As a result, data can be lost or delayed, which means users have to go back and change or fix issues.

Essentially, Open Banking eliminates these potential problems by giving banks and providers a secure, reliable way to connect and a clear consent process. This means no more clashing systems and drawn-out applications. Instead, users get consistent data access and real control over their information.

Regulated and reliable

Open Banking puts security and authentication at the centre, using standardised APIs and bank-level encryption standards set by the Consumer Data Right (CDR). All parties must be accredited before they can use Open Banking, and businesses have control over what is shared and when.

It's all designed for trust and transparency, so your business can share and use bank data without worrying about losing log-ins or putting information at risk.

The process: setting up bank feeds vs Open Banking onboarding

When Open Banking rolls out, the setup process will feel familiar. You'll select your bank and log in using your normal banking credentials. From there, instead of submitting forms or waiting for approval, you simply review and consent to share your data - and the feed can begin within minutes.

The benefits of a better bank feed

Safe, secure sharing is not Open Banking's only benefit. The technology helps you establish a clean, accurate flow of data between your bank and other financial providers, which in turn helps boost visibility and reduce manual work.

Here's what that could look like in your business:

Fast, simple reconciliations

BAS time, end of financial year, a surprise audit - these are the moments when accurate, up-to-date records matter most. With transactions flowing automatically into MYOB and matched to invoices as they appear, you spend less time hunting for missing details and more time actually running your business. No more last-minute scramble to reconcile months of transactions before a deadline.

Cash flow clarity

Need to pay the power bill or buy lunch for a client? When you can see exactly what's happening in your accounts, you know how much your business has to spend. Because data is updated frequently, you don't run into issues with delayed payments, missed transactions and the risk of overspending.

Moving away from manual uploads

Every time you manually enter a detail, there's a risk. You can transpose two numbers and end up with mismatched transactions or enter a payment under the wrong client. With automated updates and clear, accurate data, Open Banking reduces manual work - and the risks that come with it. A side benefit: it frees you and your staff for more business-building work.

Future-ready data flows

Open Banking's standardised infrastructure also makes it possible to build features that simply weren't possible before. Coming soon: the ability to import up to 12 months of historical transactions when you first connect, so you have the transactions for the whole financial year available. Also on the roadmap: a running bank balance that updates after every transaction (not just once a day), and richer transaction data including merchant details. These aren't available yet, but they're only possible because of the move to Open Banking - another reason to consider making the switch when the time is right for you.

The before and after of Open Banking

How MYOB is bringing Open Banking to customers

At MYOB, we're always looking for ways to update our technology and give our customers more options. It's why we're introducing a brand-new Open Banking system this year - we want our users to be able to choose the data sharing method that suits them best.

Here's what that looks like:

Partnership with Mastercard

Mastercard is acting as our accredited data recipient, so MYOB's Open Banking delivery is supported by its ultra-secure, accredited open finance platform. It's a system we trust to meet CDR regulations and handle our customers' sensitive data.

Simple setup

Want to start using Open Banking with your MYOB platform? Thanks to our partnership with Mastercard, setting up with most banks takes just a few minutes - no application process or waiting period. It's also flexible, making it suitable for the vast majority of bank providers and account types. We'll ensure you have the guidance, tools and resources you need to make the changeover seamless.

Accurate, reliable data

Once your Open Banking feed is set up, reliable bank data flows onto your MYOB platform, so you can keep an eye on spending and incoming payments as they appear. The data-sharing process is stable and predictable, which means fewer data syncing and data loss issues.

Your data, your choice

Open Banking is designed around control and transparency. You should always have control over your data and know how it's being used. Our process puts customer consent first, letting you choose which accounts to share with which providers. Consent is time-bound, which means you need to renew it regularly. You can also revoke access at any point - for example, if you switch providers.

Better banking, now and in the future

Ready for next-level bank data, faster bank feeds, and tighter control over your finances? Open Banking with MYOB is the way. Government-regulated, with bank-level security protections, it's quickly becoming a standard procedure for bank data sharing. MYOB is joining in, working with Mastercard to offer a secure, seamless bank feed experience for our users.

The result is a system that feeds accurate data into your accounting software, so you can get a clearer view of your finances at any stage. More insight, more control and better outcomes for SMEs.

Ready to get started with Open Banking? Find out more.

Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.