Make bank reconciliation easier with bank feeds

Open Banking is a government-regulated framework designed to support secure sharing of financial data between your bank and accredited providers like MYOB.

The Consumer Data Right (CDR) in Australian gives you, as a consumer, control how to access and share your data with accredited providers. Open Banking is the banking part of CDR. It is designed to:

• Give you more control over your financial data

• Improve security and transparency of your financial data

Unlike classic bank feeds, Open Banking uses the Consumer Data Right (CDR) — a government-regulated, single system that is designed to support faster setup, enhanced security controls, and improved reliability in certain cases, compared to some traditional bank feed methods.

Log in to MYOB, go to the banking hub, and follow the prompts to connect a new bank account. Once you’ve selected your bank account, you’ll log in with your bank and choose the accounts to connect to MYOB.

If your bank uses Open Banking, setup typically takes only a few minutes but may vary depending on your bank and account type.

If your bank is not yet on Open Banking, you will automatically be redirected to our classic connection. Set up time varies by institution and may require forms to be submitted to your bank.

Transactions do not appear immediately in MYOB, you will see data flow in the next business day after you’ve once you’ve made a transaction on your

For troubleshooting, see our Setting up Bank Feeds support article.

Your bank securely sends data to MYOB via an accredited data recipient (ADR) (MYOB’s current ADR provider is Mastercard). These recipients are regulated, audited under the CDR regime and can only access the data you explicitly approve, in accordance with applicable laws and accreditation requirements.

Generally, only what’s required to power your bank connection is shared — typically account details and transaction data. No additional data will be accessed without your consent, except as required or permitted by law.

Data only flows between your bank, accredited data recipients and MYOB — with your consent. Even though Open Banking is a government initiative, your banking data is not shared with the government through this process, except where required by law or regulatory obligations.*

*Subject to availability and compliance with applicable laws, regulatory requirements, and industry standards.

Consent typically lasts up to 12 months, subject to CDR rules and your bank’s implementation. You’ll usually be notified before it expires and can renew, change or cancel at any time.*

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

*Subject to availability and compliance with applicable laws, regulatory requirements, and industry standards.

Some banking products may not be compatible with Open Banking, including certain older or restricted account types. Your bank can provide more information on the compatibility of your specific account type. Or, you can use the CDR ready check to see if your bank account is ready via a third-party website such as https://cdrready.com.au/. This website is operated by a third party and MYOB does not control or endorse this website and is not responsible for its content, accuracy or availability.

Yes, Open Banking connections may require nominated representative settings or equivalent permissions to be turned on for the user making the connection. Each bank has their own process, check with your bank for the specific steps you may need to take.