MYOB has introduced Open Banking connectivity for small and medium-sized enterprises (SMEs) in Australia, leveraging Mastercard’s accredited Open Finance infrastructure.
This rollout expands on MYOB’s current bank feed features by allowing businesses to link their bank accounts and credit cards directly to MYOB Business and AccountRight via the Australian Consumer Data Right (CDR) framework. The integration introduces around 50 new connection options, encompassing major banks and specialized institutions, aimed at streamlining setup with secure digital authentication.
Regulated access through CDR and consent controls
Operating within the regulated CDR framework, this solution restricts data access to accredited providers and requires customers to give explicit, time-limited consent. Customers can withdraw their consent at any point through either their bank or Mastercard’s Open Finance platform. Additionally, ABN verification is part of the setup process for added security. Only CDR-accredited entities have permission to access data via this connection.
Starting from 1 March 2026, MYOB will transition to using Open Banking as the default method for connecting MYOB Business and AccountRight, guiding users through a product-integrated setup process with regulated consent procedures and dedicated support.
Sally Davies, General Manager for Solo and Embedded Finance at MYOB, highlighted this feature as essential for the next era of financial automation, noting it facilitates quicker access to cleaner transaction data, reduces manual input, and enhances cash flow visibility. Brenton Charnley, Vice President and Head of Open Finance, Australasia at Mastercard, observed that the collaboration combines Mastercard’s Open Finance infrastructure with MYOB’s market leadership in SME business management.
Implementation context
This launch follows existing Open Banking capabilities within Solo by MYOB and is aligned with the Australian Government’s CDR goals of enhancing consumer choice, data control, and competition in financial services. For SMEs, this means quicker account setup, more precise automated transaction data, and greater oversight over how banking details are shared with third-party applications.
