QuickBooks Online is making a significant change to how bank feeds operate in Australia. Intuit is upgrading all bank feeds to open banking, and as part of this transition, existing bank feed connections will be retired on 31 May 2026.
If you rely on bank feeds for your bookkeeping as most people do, this is an important deadline. Taking action early will help ensure your records remain accurate, up to date, and disruption free.

What is open banking in Australia

Open banking is part of Australia’s Consumer Data Right (CDR), a government‑led initiative designed to give individuals and businesses greater control over their financial data.

Under open banking, you securely authorise your bank to share transaction data with approved providers such as Intuit. This happens through your bank’s own authentication process, rather than by sharing online banking usernames and passwords.

The framework is regulated by Australian authorities, including the Australian Competition and Consumer Commission (ACCC), and now covers most major Australian banks and many other financial institutions.

Why QuickBooks is upgrading bank feeds

Traditional bank feeds often relied on credential‑based connections. While functional, these feeds were more vulnerable to outages, security risks, and failures when banks updated their systems.

QuickBooks is moving to open banking to:

• Align with Australian regulatory standards
• Improve the reliability and accuracy of bank feeds
• Strengthen data security for businesses.

This shift reflects a broader change across the accounting and financial technology industry in Australia, not just QuickBooks.

The key deadline you need to know

Your existing QuickBooks bank feed will be retired on 31 May 2026.

If you do not upgrade your bank feeds to open banking by this date, your transactions may stop flowing into QuickBooks. This can lead to:

• Manual data entry
• Missing transactions
• Reconciliation delays
• Increased risk of errors in reporting.

Upgrading early helps avoid these issues and ensures continuity in your bookkeeping.

Why upgrading now makes sense

Avoid disruption to your books
Waiting until the last minute increases the risk of bank feed interruptions. An early upgrade helps prevent gaps in transaction data and avoids unnecessary clean‑up work later.

Stay in control of the timing
Upgrading now allows you to plan the transition around your schedule, rather than dealing with it under time pressure close to the deadline.

Better data for better decisions
Open banking provides more reliable, near real‑time data, increased security, and access to a broader range of account types. This gives you a more complete and accurate view of your business finances.

Improved security with open banking

Security is one of the biggest benefits of open banking.

With open banking:

• You do not share your banking login details with QuickBooks
• Data is shared using encrypted connections
• Access is based on explicit, time‑limited consent
• Consent can be withdrawn at any time.

This approach aligns with best‑practice data protection standards and reduces the risk of unauthorised access.

Authority to share data for companies and trusts

For non‑individual accounts, such as companies or trusts, additional steps may be required before upgrading.

Some banks require:

• A nominated representative
• A data‑sharing delegate.

This authority must be in place before the bank can share data under open banking rules. To check whether this applies to your accounts and to complete the process, visit the CDR Ready website and follow the prompts.

Addressing this early can prevent delays when upgrading your bank feeds.

What QuickBooks users should expect

When it is time to upgrade, QuickBooks Online will prompt you to reconnect your bank feeds using open banking. The process generally involves:

• Selecting your bank in QuickBooks.
• Logging in via your bank’s secure portal.
• Authorising data sharing.

QuickBooks will also notify you when consent needs to be renewed, as open banking authorisations are not indefinite. While this requires occasional action, it gives you greater control over your financial data.

How this supports compliance and reporting

As the Australian Taxation Office (ATO) continues to encourage digital record keeping and timely reporting, stable and secure bank feeds play an important role in maintaining compliance. Current guidance on record keeping obligations is available on the ATO website.

Need help upgrading your QuickBooks bank feeds or preparing for open banking? Contact us to review your setup and ensure your bookkeeping remains accurate, secure and compliant.