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Intuit Australia (Intuit) has engaged SISS Data Services (SISS) to facilitate open banking data feeds for Australian business customers using its accounting software, QuickBooks.
The new feeds are already live with Commonwealth Bank and NAB. More than 100 additional institutions will follow.
The rollout marks one of the latest shifts away from screen scraping. Since Intuit gained accredited data recipient status on 31 October, new QuickBooks customers have been required to use the Consumer Data Right (CDR) for data sharing rather than screen scraping.
As such, Intuit is seeking CDR data collection and sharing consents from its Australian QuickBooks customers as an integral part of the new customer sign-up process for the Intuit QuickBooks Online accounting platform in Australia.
Existing QuickBooks customers can also switch their existing bank feeds to open banking bank feeds.
The change gives brokers faster, permissioned access to real-time transaction data, reducing the need for document chasing and unreliable scraped feeds. It also lays the groundwork for AI-driven advisory tools, which rely on consistent, high-quality financial data.
Lara Thompson, head of partnerships APAC at Intuit, commented: “As the first financial management software provider to achieve Accredited Data Recipient status, Intuit is proud to roll out Australia’s most advanced bank feed solution with the help of SISS as our technology provider.
“By leveraging the power of Open Banking’s accurate, real-time client financial data, Intuit is creating the essential data foundation for Intuit’s AI-driven expert platform to transform the way businesses, accountants and brokers operate.”
Grant Augustin, founder & CEO of SISS Data Services, added: “SISS is delighted to support Intuit’s Open Banking data feeds as their chosen outsourced service provider.
“The benefits of Open Banking for small business owners and their trusted advisers include real-time data sync, time efficiency, simplified cash flow, better client insights and enhanced security standards.
“As a long-standing technology partner working with Intuit to power ‘accounting-grade’ data, we’re building on 10 years of experience and the strong foundation of regulatory compliance and technical excellence that both parties have.”
Broking industry accelerating toward open banking
Industry adoption is building rapidly. According to Frollo, 13 per cent of brokers are now using its open banking solution – double last year – with more than 32,000 consumers sharing their bank data with brokers through CDR channels in the past 12 months.
The average turnaround from data request to receipt is just seven minutes, and API traffic has doubled year on year.
Open banking has allowed brokers to access verified client data in near real time and provide lenders with up-to-date financial information, even months after initial fact-finding.
NextGen estimates brokers save around 40 minutes per customer through integrated open banking tools.
But despite the momentum, several challenges are stalling broader adoption. Frollo data shows almost 30 per cent of consent authorisations are failing at the bank authentication stage, largely due to login or one-time-passcode issues.
Meanwhile, the government’s proposed ban on screen scraping – first announced in 2023 – has yet to materialise, leaving many in the industry operating in what providers describe as a “grey zone”.
Consumer awareness of open banking also remains low, despite mounting evidence that it offers greater security and accuracy than password-based scraping.
[Related: Industry pushes back on open banking exemption for small lenders]