MYOB has launched Open Banking connectivity for Australian small and medium-sized enterprises (SMEs), built on Mastercard's accredited Open Finance infrastructure.
The rollout extends MYOB's existing bank feed capabilities by enabling businesses to connect bank accounts and credit cards directly to MYOB Business and AccountRight through Australia's Consumer Data Right (CDR) framework. The integration adds approximately 50 new connection options, covering major banks and specialist institutions, and is designed to reduce setup time through secure digital authentication.
CDR framework and consent controls
The solution operates within Australia's regulated CDR framework, which restricts data access to accredited providers and requires explicit, time-limited customer consent. Customers can revoke access at any time through their bank or through Mastercard's Open Finance platform. ABN verification is included during the setup process as an additional control. Only CDR-accredited providers are able to access data through the connection.
From 1 March 2026, MYOB will begin phasing in Open Banking as the default connection method for MYOB Business and AccountRight, guiding customers through an in-product setup flow with government-regulated consent steps and dedicated support.
Sally Davies, General Manager for Solo and Embedded Finance at MYOB, described the capability as the foundation for the next generation of financial automation, citing faster access to cleaner transaction data, reduced manual entry, and improved cashflow visibility for businesses. Brenton Charnley, Vice President and Head of Open Finance, Australasia at Mastercard, noted that the partnership combines Mastercard's Open Finance infrastructure and connectivity to more than 100 institutions through the CDR with MYOB's position in the SME business management market.
Rollout context
The launch builds on Open Banking functionality already available within Solo by MYOB and aligns with the Australian Government's CDR objectives around consumer choice, data control, and competition in financial services. For SMEs, the practical outcomes include faster account onboarding, more accurate automated transaction data, and greater control over how banking information is shared with third-party platforms.
