Rounded connects to Open Banking

Rounded is leading the way for invoicing and accounting solutions in Australia. Starting in February 2025, Rounded users will be able to connect their bank accounts to Rounded via Open Banking.

Open Banking offers a more consistent connection whilst aligning with the banking industry's heightened focus on data protection. By adopting Open Banking, Rounded ensures its users can continue to enjoy the convenience of bank feeds via a government approved and administered initiative which will improve and evolve over time.

Read on for more information about open banking and what it means for Rounded users.

What is Open Banking?

Open banking enables you to conveniently share your banking data with 3rd party services who have been accredited by the ACCC (Australian Competition & Consumer Commission). It was introduced by the Australian Government under legislation called the Consumer Data Right (CDR).

You have complete control over how your data is used, and to whom it is given. You consent to sharing your financial data with third parties from within your financial institution’s online banking. The data is secure and protected by the Rules of the ACCC.

You’ll never be asked for your online banking log in details.

Will open banking change how I use Rounded?

No, your bank feeds will look and operate the same way they do now once you connect to open banking.

How will I connect my bank account via open banking?

Rounded has partnered with Fiskil (Accreditation number: ADRBNK000246) to provide bank feeds via Open Banking. To connect a bank account you’ll be redirected to your bank from inside Rounded and guided through the process of giving consent to share your bank data with Rounded and Fiskil.

What will happen to my existing bank feed connection?

From mid February 2025, all new bank feed connections will be made using Open Banking.

Existing connections will remain unaffected and continue to function as normal. However, they will eventually be phased out in favour of Open Banking. A cut-off date will be communicated well in advance with instructions on how to best transition across to Open Banking.

It is important to note that an increasing number of banks are now denying access via legacy connections. This is outside of Rounded’s control and the only solution is to transition across to Open Banking.

Our aim is to transition Rounded users to Open Banking as swiftly as possible.

Rounded's adoption of Open Banking represents a significant step forward for Australian freelancers and sole traders. By embracing this technology, Rounded is empowering business owners to take control of their finances and make more informed decisions.

Cover Photo by Basil James on Unsplash