MYOB launches Open Banking for Australian SMEs with Mastercard Open Finance

Source: MYOB

MYOB is extending the ways customers can connect bank feeds by rolling out Open Banking for Australian small and medium-sized enterprises (SMEs), powered by Mastercard’s Open Finance infrastructure.

The new feeds will seamlessly connect banking data into MYOB’s cloud platform to help businesses quickly and securely connect their accounts. Harnessing Australia’s regulated Consumer Data Right (CDR) framework and Mastercard’s accredited Open Finance platform, Open Banking connections offer customers the option to securely link bank accounts and credit cards to MYOB Business and AccountRight.

Open Banking will deliver broader coverage across major banks and specialist institutions, with an additional 50 connection options, and will enable quicker setup. This means greater choice, visibility and accessibility for our SME customers. For MYOB customers, Open Banking will offer:

• Faster setup and fewer forms: Bank accounts and credit cards can be connected in minutes using secure digital authentication through Australian banks.

• Stronger security and control: Only CDR-accredited providers can access data through Open Banking. Customers provide explicit, time-limited consent and can revoke access at any time through their bank or Mastercard’s Open Finance platform. ABN verification during setup adds an extra safeguard.

From 1 March 2026, MYOB will phase in Open Banking as the default connection for MYOB Business and AccountRight. Customers will be guided through a secure, in‑product flow, with ABN checks, government‑regulated consent and dedicated support to ensure their banking data keeps flowing smoothly and safely, with improved data control and faster onboarding.

“Open Banking gives our customers a faster, more reliable way to connect their banking to MYOB, and it’s the foundation for the next generation of financial automation,” said Sally Davies, general manager solo and embedded finance at MYOB.

“By using accredited Open Banking connections, enriched transaction data and built-in ABN checks, MYOB’s new bank feeds deliver near-instant access to cleaner, more accurate data, with customers in full control of how their information is shared.

“That means less manual work, smarter automation, and clearer insights that help businesses make better cashflow decisions with confidence.”

“Mastercard is proud to be the accredited Open Finance platform helping power MYOB’s next generation of bank feeds,” said Brenton Charnley, vice president and head of Open Finance, Australasia at Mastercard.

“By combining our secure global Open Finance infrastructure and broad banking connectivity with MYOB’s leadership in SME business management, we can support Australian businesses, and their advisors turn everyday banking data into practical tools for business accounting, managing cashflow, accessing credit and delivering simpler digital experiences.”

“We’re working with Mastercard because they bring an accredited global Open Banking platform and connections to more than 100 institutions through the CDR. This allows MYOB to deliver fast, reliable and increasingly enriched bank feeds to our customers without compromising on data security or trust,” Davies said.

Open Banking will be introduced through a phased rollout. The expansion builds on MYOB’s existing Open Banking capability in Solo by MYOB and aligns with the Australian Government’s Consumer Data Right objectives to increase choice, control and competition in financial services while maintaining strong data protection standards.

Further reading: Mastercard launches Open Finance Business Solutions for Australian SMEs