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September 18, 2017

Macquarie launches first open banking platform in Australia

By Krishna Chaitanya

Macquarie bank has launched an innovative open banking platform that enables customers to share their banking data securely.

The open banking platform enables Macquarie’s customers to securely connect their personal banking data with third party services. Personal banking data includes loan balances, transaction details, business and wealth data.

Only the approved third parties who meet the standards of Macquarie and security criteria will be able to connect.

The platform works on API technology so that fintech firms and third party service providers can connect to the platform. Customers can choose the data to be shared to leverage the services offered by third parties. The financial data will be shared only upon the consent of the customer. This removes the customer’s requirement to provide login credentials to these third parties.

Macquarie’s head of personal banking Ben Perham said: “Our customers have been telling us they want to securely connect their information into their favorite accounting software, budgeting app and other innovative services they’re interested in. Macquarie’s open platform will make this possible.”

Macquarie also unveiled devXchange, an open developer portal with a test sandbox that allows fintech firms to access customer data easily.

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

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