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Open Banking is here

for new MYOB customers

 Connect your bank feeds to get the gift of cashflow clarity 

In 2026, MYOB is introducing Open Banking as the next evolution of bank connections.

 

This page explains what’s changing, what it means for your day-to-daywork, and how to get ready - whether you’re a business setting up a new file, or a practice managing multiple clients, or supporting businesses through the transition.

 

Open Banking is designed to reduce common banking pain points and support more reliable, up-to-date data in MYOB, while keeping you in control of what’s shared at every step.

 

Secure data sharing, backed by Australia’s Consumer Data Right (CDR)

What is Open Banking?

 Open Banking is a new, secure way of connecting your bank accounts to MYOB.

It’s built on the Australian Government’s Consumer Data Right (CDR), via the Mastercard open finance platform. This means bank data is shared using standardised, regulated technology - with you deciding which accounts are connected, what data is shared, and how long access lasts. You can switch it off at any time.

Instead of relying on older, less reliable connection methods, your bank sends transaction data directly to MYOB through this secure framework - improving consistency and reducing interruptions. 

How this improves everyday banking

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Fast setup

Connect new bank accounts in minutes, not days. Get accounts up and running quickly, with data flowing in the next day*

*Data will only begin flowing in once a transaction has been made on the account.

 

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Broader bank coverage

Connect to more banks and specialist providers, including major banks and industry-specific institutions. Fewer workarounds, fewer unsupported accounts, and smoother connections from day one.

 

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More reliable bank feeds

Bank data is shared using consistent, government-regulated standards, which improves stability and accuracy. That means fewer dropouts, fewer missing transactions, and less time spent fixing broken feeds.

 

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Faster updates*

Transactions will update faster, reducing delays between your bank and your books and helping with day-to-day tracking and cashflow decisions.

*coming in 2027

 

Before you connect

Here's what you need to know and check before getting started with Open Banking:

Confirm nominated representative

The online banking user completing the connection must have nominated representative access with the bank. Without this, the connection can’t proceed.

Enter your ABN

Your ABN must be entered in MYOB before connecting a bank account. This only needs to be done once per file.

Reconfirm every 12 months

Open Banking connections require consent to be renewed every 12 months. We’ll notify you before it expires so you can reconnect without interruptions.

No change to where setup begins

Bank feeds are still set up from the Banking Hub. While the connection experience may look a little different, where you start hasn’t changed.

 Secure connection powered by Mastercard: Open Banking connections in MYOB use Mastercard’s accredited open finance platform, approved under the Consumer Data Right (CDR). 

Calendar

Key dates

Rollout began with new MYOB customers at selected banks, before expanding to existing customers and broader bank coverage. 

Live

Phase 1 (from March 2026):

New MYOB customers with selected banks (ANZ, Bank of Melbourne, Bankwest, Bendigo and Adelaide Bank, Commonwealth Bank of Australia, Macquarie Bank, National Australia Bank, St. George Bank, Westpac)


Phase 2 (from April 2026):

New MYOB customers with all Open Banking participant banks

Upcoming
 

Phase 3 (from May 2026):

Existing MYOB customers with selected banks



Phase 4 (from June 2026):

Existing MYOB customers with all Open Banking participant banks

 

How to setup an Open Banking connection

Bank feeds are still set up from the Banking Hub. When Open Banking is available for your bank, you’ll be guided through the Open Banking connection as part of the setup.

See how Open Banking works inside MYOB - from giving consent to automatic data sharing. 

Open Banking Gif 1 - No Transparency
1. Choose your bank

Select the bank account you want to connect.

2. Give consent securely

You’re redirected to your bank to approve what data is shared.

3. Your data is shared securely

Once connected, your data flows securely - no passwords shared, no manual uploads.

 Please note if an Open Banking connection isn’t successful, you’ll be given the option to continue with a classic bank feed from the same onboarding screen. 

Your questions answered

Understanding Open Banking 

Getting started & setup

Security, Privacy & Control 

What is Open Banking?

 Open Banking is a safer, government-regulated way for your bank to share financial data with trusted providers like MYOB. 

What is the Consumer Data Right (CDR)?

The Consumer Data Right (CDR) is Australian legislation that gives you the legal right to access and share your data with accredited providers. Open Banking is the banking part of CDR. It exists to:

    • give you more control over your financial data
    • improve security and transparency
    • increase competition and innovation
How is Open Banking different from traditional bank feeds?

Traditional bank feeds rely on stored banking credentials and screen scraping. Open Banking uses secure APIs and explicit consent. That means no stored passwords, faster setup, fewer failures and greater reliability. 

Does Open Banking cost anything?

 No. There’s no additional cost to connect via Open Banking. 

Do I have to move to Open Banking?

Open Banking is becoming the standard for bank connections. Over time, classic connections will be phased out and new features will be built on Open Banking. Moving earlier helps avoid future disruptions. 

What does this mean for accountants and bookkeepers?

Fewer broken feeds, less client follow-up, more reliable data and stronger compliance alignment. Better for clients and better for practice efficiency.

Plus, when setting up a new clients account, you can walk them through the bank connection while you’re on the phone and have them set up immediately.

Which banks support Open Banking?

Most major Australian banks and many smaller institutions support Open Banking, with coverage continuing to expand. Availability depends on the bank and account type. 

Do I have to move to Open Banking?

Open Banking is becoming the standard for bank connections. Over time, classic connections will be phased out and new features will be built on Open Banking. Moving earlier helps avoid future disruptions. 

How do I connect a bank account using Open Banking?

Log in to MYOB, go to the banking hub, and follow the prompts to connect a new bank account. Open Banking will be the default connection method, you do not have to specifically select Open Banking. Once you’ve selected your bank account, you’ll log in with your bank and choose the accounts to connect to MYOB. Setup usually takes minutes. 

What happens if my connection drops?

Open Banking connections are designed to be more stable than classic feeds. If re-authorisation is needed, you’ll be notified and guided through a quick renewal – no re-entering stored credentials. 

Will Open Banking change how I reconcile?

No. Your reconciliation workflow stays the same - Open Banking just delivers data more reliably and with less admin overhead. 

What banks will are now available to connect to via Open Banking?

50+ new banks and non-financial institutions will be available. Including: Bank of China, HSBC, ING, ME Bank, UpBank, UBank.

 

Plus industry specialists like: Australian Military Bank, Firefighters Mutual Bank, Health Professionals Bank, Police Credit Union Ltd, Teachers Mutual Bank

What non-financial institution are now available to connect to via Open Banking?

Police Credit Union Ltd, Laboratories Credit Union, Illawarra Credit Union 

Is Open Banking safe?

Yes. Open Banking uses encrypted, government-regulated data sharing under Australia’s Consumer Data Right (CDR).

Only accredited organisations can participate, access is read-only and permission-based, and you can revoke consent at anytime.

 

Who actually receives my data?

Your bank securely sends data to MYOB via an accredited data recipient (MYOB ADR provider is MasterCard). These recipients are regulated, audited and can only access the data you explicitly approve. 

What data is shared?

Only what’s required to power your bank connection - typically account details and transaction data. No additional data can be accessed without your permission. 

What information is shared with the government?

None. Your banking data is not shared with the government. The government sets and enforces the rules but does not receive, view or store your transaction data. Data only flows between your bank, accredited data recipients and MYOB – with your consent. 

How long does consent last?

Consent typically lasts up to 12 months. You’ll be notified before it expires and can renew, change or cancel at any time. 

Can I revoke access?

Yes. You can revoke consent via your bank, via MYOB, or when prompted at renewal. Once revoked, data sharing stops immediately.