Macquarie Bank open banking platform a first for Australia

Elizabeth Barry 18 September 2017

open banking

The new platform will give customers unprecedented control over their own data.

Macquarie Bank has today officially announced the launch of its new open banking platform, through which the bank's customers will be able to control, manage and share their everyday banking data.

The platform is the first of its kind in Australia and leverages Application Programming Interface (API) technology so that third-party apps and fintech companies are able to connect to the platform. Customers can then choose to share their data in order to leverage these products and services.

Macquarie’s head of personal banking, Ben Perham, said the new platform was about providing more choice to consumers.

“Our customers have been telling us they want to securely connect their information into their favourite accounting software, budgeting app and other innovative services they’re interested in. Macquarie’s open platform will make this possible."

Macquarie customers will be able to securely connect their personal banking data, such as transaction history, home loan balance or even business information, directly into third-party providers such as budgeting apps or accounting software. This will remove the requirement for customers to provide their banking logins to these third parties.

The platform is built around the open banking principles about to be considered by the Australian government. The exact way an open banking environment would work in Australia will be reviewed by the government this year, but it will be built around the principle that consumers should control their own data.

Macquarie hasn't confirmed which apps will be a part of the platform, but they will need to meet the bank's open platform standards and security criteria. There is also an open developer portal, Macquarie devXchange, which provides third-party developers with a test sandbox to create "innovative banking experiences and solutions".

“We’re looking forward to working with third-party providers and developers to drive new and more personalised solutions for our customers that tie in seamlessly with daily life," said Perham.

The open banking platform is currently in pilot and will be available in the coming months.

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