MYOB and Mastercard Introduce Open Banking for Australian SMEs

Open Banking allows businesses to securely link their bank accounts and credit cards directly to MYOB's cloud platform. By leveraging Australia's Consumer Data Right (CDR) framework and Mastercard's accredited open finance infrastructure, this integration offers several key benefits:

• Faster Setup: Businesses can connect their accounts within minutes using secure digital authentication methods provided by Australian banks.
• Enhanced Security and Control: Only CDR-accredited providers can access data through Open Banking. Customers grant explicit, time-limited consent and can revoke access at any time, ensuring robust data protection.
• Broader Coverage: The integration supports connections across major banks and specialist institutions, offering over 50 additional connection options for SMEs.

Sally Davies, General Manager of Solo and Embedded Finance at MYOB, highlighted the significance of this development: "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."

Brenton Charnley, Vice President and Head of Open Finance, Australasia at Mastercard, echoed this sentiment: "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 in turning everyday banking data into practical tools for business accounting, managing cash flow, accessing credit, and delivering simpler digital experiences."

The phased rollout of Open Banking connections began on 1 March 2026, with MYOB guiding customers through a secure, in-product flow that includes Australian Business Number (ABN) verification and government-regulated consent processes. This ensures that banking data flows smoothly and safely, providing improved data control and faster onboarding for SMEs.

For Australian SMEs, this partnership between MYOB and Mastercard represents a significant step forward in financial management. By simplifying the connection between banking data and business management platforms, SMEs can achieve greater efficiency, security, and control over their financial operations.