Mastercard unveils Open Finance Business Solutions in Australia to power small business growth through secure real-time data sharing

Mastercard today announced the launch of Open Finance Business Solutions, a suite of tools that helps small and medium-sized enterprises harness real-time financial data to work smarter, save time and drive sustainable growth. 

The launch comes as Australia sharpens its focus on productivity and smarter data sharing, with the Productivity Commission estimating that a mature data-sharing regime could unlock up to $10 billion in annual gains. It also aligns with the Albanese Government’s reset of the Consumer Data Right framework, which prioritizes small-business use cases in accounting, lending and payments to drive inclusion and efficiency. 

With many SMEs facing cash-flow pressures, limited access to credit and complex onboarding and compliance processes, Mastercard’s new solution enables faster customer onboarding, smarter payments, automated insights and fairer lending opportunities. Research shows Australian businesses are ready for this shift, with Mastercard’s Rise of Open Banking Report finding that 92 per cent believe open banking will be essential to future-proof their organizations, citing time savings, richer real-time data and better access to funding as key benefits. 

“Real-time access to business data and automation are critical for SMEs to save time and ultimately money. By reducing friction in onboarding, payments, business accounting and lending, we are helping businesses boost productivity and focus on what matters — serving their customers and growing sustainably. In a time when working smarter is more important than working harder, Open Finance is a key lever for economic efficiency and resilience,” said Brenton Charnley, Vice President and Head of Open Finance, Australasia at Mastercard. 

Mastercard Open Finance Business Solutions capabilities: 

As an Accredited Data Recipient at the unrestricted level, Mastercard leverages the Business Consumer Disclosure Consent (BCDC), a purpose-built ABN validation service, and end-to-end consent platform to enable businesses to securely access Open Banking in Australia. The BCDC access model removes key barriers to business participation in the CDR and accelerates the onboarding process.  

Leveraging this service alongside Mastercard's global and highly secure network to connect partners with nearly every bank in Australia, Mastercard’s Open Finance Business Solutions delivers major benefits to SMEs through a growing ecosystem of trusted collaborators, offering innovative solutions tailored to local business needs. 

1. Business Lending  

Access to fair and timely credit remains a critical barrier for many Australian SMEs, particularly those with thin or non-traditional credit files. The platform helps lenders assess business financial health using real-time, consented banking data. This data-driven approach not only expands access to funding but also supports smarter risk decision-making and faster loan approvals.  

2. Business Accounting 

Managing business finances can be time-consuming and error-prone, often relying on manual data entry and fragmented systems. The platform simplifies this process by providing secure, real-time access to bank transaction data, which can be integrated directly into business accounting platforms. This automation reduces reconciliation errors, improves cash flow visibility, and frees up valuable time for business owners.  

3. Business Payments & Loyalty 

Mastercard’s Open Finance Business Solutions also enables smarter business payments and loyalty programs using real-time bank account verification and transaction aggregation.  

4. Customer Onboarding & Underwriting 

Mastercard’s Open Finance platform streamlines merchant onboarding, enabling rapid, secure, and fully digital enrollment and underwriting.  

5. AML Compliance & Verification 

Mastercard’s platform integrates seamlessly with compliance innovators, enabling businesses to onboard faster while meeting AML and KYB obligations. 

With its Open Finance and Business Solutions platforms, Mastercard is delivering on the promise of open finance, empowering Australian businesses to take control of their financial data and use it to drive growth,” concludes Charnley. 

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