The Consumer Data Right (CDR) is an economy-wide reform in Australia designed to give you more control over your data. It enables you to access and share your data with accredited third parties to get better deals on everyday products and services. Open Banking is the first sector where CDR has been rolled out, followed by energy, and non-bank lending will be next. You can learn more here.

You can find more information on the official Consumer Data Right website. We will also continue to provide updates and resources as we roll out Open Banking bank feeds in QuickBooks.

In Australia, almost all banks (over 99%) are registered as data holders under the Consumer Data Right (CDR) for Open Banking, meaning they are required to allow you to share your data for a wide range of financial products with accredited data recipients, like Intuit QuickBooks.

Upgrading your bank feeds to Open Banking is not mandatory today however the benefits are well worthwhile. The current standard bank feeds (sometimes known as screen scraping) are being replaced by these new, more secure, and reliable direct feeds. Rest assured upgrading to the Open Banking bank feeds is a quick, easy online process that can be completed in just a few clicks.

The rollout of Open Banking bank feeds has commenced and will be phased, starting with the “big 4” banks, commencing with CBA, then Westpac, NAB, and ANZ. The other financial institutions will follow. We will let you know when the bank you have an existing feed with is available to upgrade.

The process to connect an Open Banking feed is easy, is done within QuickBooks and only takes a few minutes. To get started, you’ll need:

1. Your Australian Business Number (ABN): This is to validate you’re a registered Australian business.
2. To nominate a representative for any non-individual bank accounts: For entities like partnership, company or trust bank accounts, if you haven’t already, you’ll need to nominate a representative to share the data. The easiest way to check if you need to nominate a representative for any of your accounts is to head to the CDR Ready website and follow the prompts. Please note any bank accounts requiring a nominated representative will not appear during the Open Banking setup process if a representative has not been nominated.

We will inform you when your bank is ready to export data to QuickBooks through Open Banking. Additionally, we will notify you of any new banks that become available in QuickBooks, in case you also use their services.

When you upgrade an existing bank feed to an Open Banking feed, you will need to disconnect your existing feed first. This ‘frees up’ the chart of account code your bank feed is connected to so you can connect the Open Banking feed to it.

If you bank with various banks, during the course of the Open Banking migration, you may have one account with an Open Banking bank feed and another account still using a standard or direct bank feed. This will work fine and won’t impact your data in QuickBooks. Eventually you’ll be able to have Open Banking feeds for all your bank accounts.

Open Banking at QuickBooks is only available to consumers running a business. This is because we will ask you for a Business Consumer Disclosure Consent to allow us to share your data with our parent company, Intuit Inc. and we are obligated to verify you are a business consumer by checking your ABN.

In the context of Open Banking and the Consumer Data Right, a nominated representative is someone appointed to act on behalf of a non-individual entity (like a partnership, company, or trust) to manage data sharing arrangements. This allows them to create, amend, and approve data sharing requests with accredited data recipients like Intuit QuickBooks. This is different to an Authorisation to operate a bank account. How you nominate a representative varies between banks, but generally it can be done through the bank’s website or online system. You can find a useful factsheet on nominated representatives from the CDR website.

No, this upgrade is included in your QuickBooks subscription. It's just another way we're improving QuickBooks and providing additional value for you at the same time.