Audit, tax and advisory firm Grant Thornton has developed an open banking application to create efficiencies in its audit practice, using it to get access to clients' banking data.

Grant Thornton is working with accounting software provider Validis, which in turn is working with one of the Consumer Data Right’s accredited data recipients under a sponsored accreditation model. Validis would not say which ADR it is working with.

The head of data assurance at Grant Thornton Australia, Liam Te-Wierik, said: “Under current arrangements, if we want confirmation of a client’s bank balance we submit an application to each of the client’s banks. 

“Using open banking, it is all done in a standardised, digital format. It is more efficient and better quality data. It allows us to streamline internal processes.”

Grant Thornton’s audit practice covers SMEs up to corporates but its sweet spot is companies with annual revenue of A$5 million to $50 million.

Te-Wierik said not all data providers were able to meet the obligations to provide data at this stage, reflecting the slow rollout of the scheme.

The sponsored accreditation model Validis is using to gain access to the scheme was introduced by the government last year in a bid to make CDR more accessible.

In October, the government amended the CDR rules, introducing a tiered accreditation system that includes sponsored accreditation, a CDR representative model and access by trusted professional advisers. The aim is to encourage greater participation in the scheme.

Te-Wierik said he was aware of reports that the scheme rules were complex and confusing, but from Grant Thornton’s point of view the open banking interface was working well.