Open Banking is the new evolution of bank connections. It's a fast, secure way to connect your bank to MYOB and gives you access to a more banks, non-lending financial institutions and accounts types. Once connected, your bank sends your transaction data through this secure connection method. This keeps your bank feeds more consistent and reduces interruptions.
Open Banking uses the Australian Government’s Consumer Data Right (CDR) which gives you peace of mind as well as more control over your bank data. Open Banking connections in MYOB use Mastercard’s accredited open finance platform, which is approved under the CDR.
Open Banking improves everyday banking
Here’s how:
Faster setup – Connect bank accounts and credit cards to MYOB in minutes, not days. This means you’ll get account connections up and running quickly, with data flowing in the next day (once a transaction has been made on the account).
Broader bank coverage – Open Banking means you can connect to more banks and specialist providers, including major banks, credit unions and industry-specific institutions. This means fewer workarounds, fewer unsupported accounts, and smoother connections from day one.
More control over data sharing – When you connect your account via Open Banking, you’ll choose which bank accounts you want to connect. In your online banking, you can also choose what data you want to share and how long the connection lasts (typically 12 months). You’ll be notified before your connection expires so you can renew it, change it or switch it off. You can also do this anytime once you’re connected.
Different banks can have different Open Banking requirements
Most banks support Open Banking, but some have specific account requirements for connections. Depending on your bank, there may be eligibility criteria around which accounts can connect and who can authorise sharing (like joint accounts). You might also need to do some setup in your online banking first, like registering a mobile number or turning on data sharing.
We'll step you through the connnection process, including any specific requirements for your bank.
Here are the requirements for the major banks, or you can visit your bank’s website or contact them to check their Open Banking requirements.
New connections will use Open Banking by default
If your bank supports Open Banking, you’ll automatically be taken through the Open Banking connection process when you connect a bank or credit card to MYOB. Otherwise you’ll see other available ('classic') connection methods.
Your 'classic' bank feeds will keep working as usual
MYOB is transitioning to Open Banking for easier bank feed set up, more reliable feeds and to expand our network of connected institutions. If you already have a 'classic' bank feed, there's no need to switch to an Open Banking connection.
Classic bank feeds can work alongside Open Banking feeds. Bank transactions from both connection types will look and work the same way on the Bank transactions page.
Switching from a classic bank feed to Open Banking involves a few manual steps, including cancelling your classic bank feed, setting up the new Open Banking connection and reconciling your categories.
Open Banking is the new evolution of bank connections. It's a fast, secure way to connect your bank to MYOB and gives you access to a more banks, non-lending financial institutions and accounts types. Once connected, your bank sends your transaction data through this secure connection method. This keeps your bank feeds more consistent and reduces interruptions.
Open Banking uses the Australian Government’s Consumer Data Right (CDR) which gives you peace of mind as well as more control over your bank data. Open Banking connections in MYOB use Mastercard’s accredited open finance platform, which is approved under the CDR.
Open Banking improves everyday banking
Here’s how:
Faster setup – Connect bank accounts and credit cards to MYOB in minutes, not days. This means you’ll get account connections up and running quickly, with data flowing in the next day (once a transaction has been made on the account).
Broader bank coverage – Open Banking means you can connect to more banks and specialist providers, including major banks, credit unions and industry-specific institutions. This means fewer workarounds, fewer unsupported accounts, and smoother connections from day one.
More control over data sharing – When you connect your account via Open Banking, you’ll choose which bank accounts you want to connect. In your online banking, you can also choose what data you want to share and how long the connection lasts (typically 12 months). You’ll be notified before your connection expires so you can renew it, change it or switch it off. You can also do this anytime once you’re connected.
Different banks can have different Open Banking requirements
Most banks support Open Banking, but some have specific account requirements for connections. Depending on your bank, there may be eligibility criteria around which accounts can connect and who can authorise sharing (like joint accounts). You might also need to do some setup in your online banking first, like registering a mobile number or turning on data sharing.
We'll step you through the connnection process, including any specific requirements for your bank.
Here are the requirements for the major banks, or you can visit your bank’s website or contact them to check their Open Banking requirements.
New connections will use Open Banking by default
If your bank supports Open Banking, you’ll automatically be taken through the Open Banking connection process when you connect a bank or credit card to MYOB. Otherwise you’ll see other available ('classic') connection methods.
Your 'classic' bank feeds will keep working as usual
MYOB is transitioning to Open Banking for easier bank feed set up, more reliable feeds and to expand our network of connected institutions. If you already have a 'classic' bank feed, there's no need to switch to an Open Banking connection.
Classic bank feeds can work alongside Open Banking feeds. Bank transactions from both connection types will look and work the same way on the Bank transactions page in the web browser version of AccountRight.
Switching from a classic bank feed to Open Banking involves a few manual steps, including cancelling your classic bank feed, setting up the new Open Banking connection and reconciling your categories.