In a move that has so far been shunned by every other major bank in Australia, Macquarie makes its application programming interface available to third party developers.
Macquarie has launched its new open banking platform, which the bank says will give customers control over the everyday banking data. Macquarie will now give approved third party providers access to its application programming interface (API) via the bank's open developer portal and test sandbox, called devXchange.
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, creating a more secure way to access these services, the bank said in a statement.
Open Banking Moves
«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,» said Ben Perham Macquarie head of personal banking.
Macquarie’s move comes after the Australian government used its most recent federal budget to commit to introducing an open banking regime in Australia. The Australian government said it was following the lead of other international jurisdictions such as the U.K., EU and Singapore, which are all taking steps towards enabling open banking.
