Macquarie claims open banking first
Macquarie on Monday announced the launch of its new open banking platform, which it says will be the first in Australia to give customers control over their everyday banking data and the power to securely manage how they want to share it.
The open platform leverages Application Programming Interface (API) technology, which approved third-party providers can then connect into to offer new services and experiences.
Customers will have the option to securely connect their personal banking data such as transactions and home loan balances, as well as their business and wealth information, into third party providers like budgeting apps and accounting software to create their own personalised banking experience.
Macquarie claims the platform is unique because any third-party provider who meets the bank’s open platform standards and security criteria can connect. The platform also features Macquarie devXchange, an open developer portal with a test sandbox to help facilitate third-party developers in creating more innovative banking experiences and solutions.
While consumers typically need to reveal their banking login details to use budgeting tools and similar services, Macquarie’s open platform means customers will never need to give their login details to a third party, in theory creating a more secure way to access these services.
The platform also gives customers the ability to manage access to their data in real time through the Macquarie banking app. Authorised third-party providers will have read only access to that customer’s data through a secure token, which then reads the data from Macquarie’s systems.
Head of Personal Banking in Macquarie’s Banking and Financial Services Group, Ben Perham said Macquarie’s open platform was about giving customers greater choice in the way they use their bank accounts and data.
“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,” he said.
“We’ve built a highly personalised digital banking experience, so empowering our customers to securely manage how they want to use their own data is the logical next step.
“APIs are being used by leading digital companies like Amazon and Google to transform consumer experiences, and we’re excited about the opportunities the technology will bring to financial services.
“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.”
Macquarie’s open banking platform is currently in pilot. It will be rolled out more broadly in the coming months.