MYOB taps Mastercard to boost SME open banking feeds

MYOB has begun rolling out open banking connections for Australian small and medium-sized enterprises, using Mastercard's open finance infrastructure and the Consumer Data Right (CDR) framework.

The new connections will feed banking data into MYOB's cloud products, including MYOB Business and AccountRight. They add another way for customers to connect bank feeds alongside existing methods.

CDR connections

The rollout uses regulated open banking rules under the CDR. Only accredited providers can access data, and customers must provide time-limited consent to share it. Customers can revoke access through their bank or Mastercard's open finance platform.

MYOB has also added an Australian Business Number (ABN) check during set-up, positioning it as an additional security safeguard for customers connecting accounts.

Digital authentication with Australian banks is intended to speed up set-up. MYOB says bank accounts and credit cards can be connected in minutes, with fewer forms than existing approaches.

Broader coverage

MYOB expects open banking to expand coverage across major banks and specialist institutions, adding around 50 more connection options.

The broader coverage matters for SMEs that use multiple banks and financial products. Bank feeds support transaction matching, reconciliation, and cashflow tracking. Friction in these connections can delay financial reporting and add manual steps for business owners and advisers.

The company is introducing open banking through a phased rollout. It plans to make it the default connection method for MYOB Business and AccountRight from 01 March 2026. Customers will be guided through an in-product process, including consent and ABN checks, with dedicated support during the transition.

Product direction

The expansion builds on an existing open banking feature in Solo by MYOB and aligns with the Australian Government's CDR objectives on choice and control, alongside data protection standards.

In practice, the move signals a shift away from legacy bank feed arrangements that rely on older authentication methods and manual forms. It also ties bank connectivity more directly to regulated data access and consent management under the CDR.

MYOB says the change will support more automation in bookkeeping and cashflow management.

"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, 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," Davies said.

Mastercard role

Mastercard is supplying the open finance platform that sits between MYOB and participating financial institutions under the CDR. The company has been building open banking and open finance services in multiple markets. In Australia, the CDR accreditation process governs which providers can collect and share banking data with customer consent.

Mastercard says its infrastructure and bank connectivity will sit behind MYOB's next generation of bank feeds.

"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, 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," Charnley said.

MYOB says Mastercard has connections to more than 100 institutions through the CDR.

"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.

The phased rollout will extend open banking access to more MYOB customers over time, ahead of the planned default change for MYOB Business and AccountRight from 01 March 2026.