MYOB is making open banking the default connection method for business bank accounts and credit cards across its cloud accounting platform by 2026. The rollout starts March 1 across MYOB Business and AccountRight, affecting 1.2 million businesses across ANZ.
The partnership with Mastercard uses the Consumer Data Right framework to connect bank accounts in minutes instead of manual forms. MYOB expects to add approximately 50 new connection options across major banks and specialist financial institutions.
"This will deliver near-instant access to cleaner, more accurate data, with customers in full control of how their information is shared," said Sally Davies, general manager of Solo and embedded finance at MYOB.
The move addresses a key pain point for SMEs managing multiple banking relationships. Open banking is already live on MYOB Solo, the mobile app for sole operators launched at $12 for 12 months.
What This Means for Sales Teams
If you are selling into SMEs, faster bank integration is becoming a baseline expectation, not a differentiator. MYOB's scale means 1.2 million businesses will expect this speed from other financial software providers.
For sales teams at fintech or SaaS companies, this raises the bar on integration demos. Manual bank feed setup now looks dated when competitors can connect in minutes. If your product requires bank data, prospects will ask why it takes longer than their accounting software.
Brenton Charnley, vice president of open finance at Mastercard, positioned the system as turning "everyday banking data into practical tools for business accounting, managing cashflow, accessing credit."
MYOB's pricing runs from $12 annual for Solo to tiered Business plans with unlimited payroll. The company targets sole traders through to 500-employee mid-market, with specific focus on Australian tax and compliance requirements.
The 2026 timeline for default activation gives competitors 12 months to match or risk looking slow in competitive sales cycles.