What is the difference between Open Banking, bank feeds, and screen scraping?
Open Banking allows you to share your account data in a government regulated, safe and secure way. Strong privacy and security protections are in place. All CDR accredited providers must follow strict rules and regulations. When you use Open Banking, you will not be asked for your internet banking password. A one-time password (OTP) will be sent to you to for authorisation.
A bank feed automatically sends your bank transactions to your accounting software (MYOB). It provides a secure transfer of data from your business banking accounts and business credit cards directly into your authorised accounting software.
Screen scraping is when you give your internet banking log on details and password to a third party (e.g. budgeting apps & accounting software) so they can access your bank account.