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How To Connect To Open Banking - Commonwealth
How To Connect To Open Banking - Commonwealth
Updated over 2 months ago

Overview

Open Banking allows customers to securely share their financial data with third-party providers like Resly. This data will be collected and used to simplify the reconciliation process by automatically syncing your bank transactions with your financial records. This eliminates the need for manual data entry
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How It Works

Connecting your bank feed via Open Banking involves authorising Resly to access your bank data securely. This process requires you to authenticate with your bank and grant permission for data sharing. The connection will need to be renewed annually as per consumer law.

Before You Start

You need to have Full Access to the account you are about to connect.

Prerequisites:

  • Must be an individual, non-individual or joint account holder

  • Must be 18 years of age or over

  • Must have a valid mobile phone number registered with us (this is needed to support authentication using a one-time password)

  • Must have active online or mobile banking

  • Must have at least one open account

  • Must be an open account

  • Must have digital access to the accounts through Netbank or CommBiz Internet Banking

  • Must have at least one nominated representative under your business (business account only)
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    Please see here for data sharing policy and requirements
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Common issue

  • Account ineligible (business account)- if you are running a business account (including a trust account), you need to appoint a Delegate on your online banking (Please see Netbank or CommBiz)to allow data sharing, once you receive approval from Commonwealth, you can try to connect Open Banking again.
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Step-by-Step Guide

  1. Go to Settings > Integrations > Live Bank Feed (Open Banking) and click Login Bank V1
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  2. A new page will open to show a preview of the data we will collect.
    ​Note: Your browser may restrict the pop-up. Allow pop-ups at the top of your browser and Click Login again.
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  3. Click Allow
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  4. Select your bank.


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  5. Enter your Mobile number, Click Next.

  6. Enter last 4 digits of Netbank Client Number, Click Next.
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  7. Enter One Time Password from your CommBank App or NetBank inbox Click Next

  8. You will be taken to the account selection screen. If you have multiple accounts under one login, Tick the account with your property's trust account
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  9. Click Next.

  10. On the confirm sharing page, Click Share Data
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    Please Note: Sharing period can only be one year, the connection will automatically drop off after one year, you will need to go through this process annually.
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  11. You will be redirected back to Resly.

  12. You will see the selected account in Resly, if you have multiple options
    ​Click the latest option (based on the consent creation time)

  13. Select your trust account again.
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  14. Scroll to the bottom, Click Activate Connection


​Note: When switching over to Open Banking, you might encounter some duplicate transactions. If this happens, please lodge a ticket with our support team or give them a call—they’ll be happy to assist you!
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For any further assistance, please contact our friendly support team.

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