Pocketbook integrates with Macquarie’s open banking platform
Pocketbook is the first Australian fintech to connect with the Macquarie Open Platform to share customer data.
Personal finance app Pocketbook is the first Australian fintech organisation to connect with Macquarie Bank's new open banking and data sharing platform launched in September 2017. The first-of-its-kind integration will allow Macquarie bank customers to add their bank account and credit card details to their Pocketbook account and manage their finances within the fintech app.
Third-party fintech organisations are able to connect with Macquarie's platform through the use of Application Programming Interface (API) technology and access customer data that the bank holds. Pocketbook is the first to do so, allowing its customers who bank with Macquarie to choose to connect their everyday banking data with the Pocketbook app, and seamlessly manage their accounts via the app. Customers will then be able to access their own data, such as their transaction history, through Pocketbook without needing to share their Macquarie login details with the third-party app.
The key to this partnership is that the customer is in control of their own data, choosing when and with whom they'd like to share it. Macquarie’s head of personal banking Ben Perham said when the platform was first launched back in September, "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. We know that customers want to do this because they’re doing it already, the problem is that up until today the only option for doing this has been in a way that is not secure by sharing their login credentials."
The customer being in control of their financial data is the driving force behind the entire open banking movement. The partnership between Pocketbook and Macquarie comes at a time when the government is preparing to release a report with its recommendations for a scheme that requires banks and financial institutions to share their customer data with third-party players, if the customer chooses to do so.
Pocketbook co-founder and CEO Alvin Singh said, "This is all about creating a great user experience – as easy and intuitive as authenticating via Facebook or Google. It's a pleasure to see Macquarie’s Banking and Financial Services Group embracing the benefits open banking can bring to Australian consumers."