Odoo Now Supports Basiq for Bank Synchronisation in Australia

If you've been using Odoo's bank synchronisation in Australia, you'll know the experience hasn't always been smooth. Yodlee has been the default provider for years, and while it works, connection drops and limited bank coverage have been a consistent pain point for Australian businesses.

That's now changing. Basiq is live as a bank feed provider in Odoo, available across all Odoo versions. You can select it when setting up a new bank account, right alongside Yodlee and SaltEdge.

What is Basiq?

Basiq is an Australian fintech company that provides open banking and financial data APIs. They're a CDR (Consumer Data Right) accredited data recipient, which means they can fetch transaction data directly from participating banks through Australia's open banking framework — rather than relying on screen scraping.

This is a meaningful shift. CDR-based connections tend to be more reliable and more secure than legacy screen-scraping methods, which is exactly what Australian Odoo users have been asking for.

How to set it up

The setup is straightforward. When you go to add a bank account in Odoo's Accounting module and search for your bank, you'll now see Basiq listed as one of the available providers — alongside Yodlee and SaltEdge.

Select your bank with Basiq as the provider, and you'll be redirected to complete the consent flow. This is where CDR comes in — you'll need to authorise Basiq to access your bank data through your bank's open banking portal.

CDR consent and business accounts

For Basiq to fetch your transaction data, your bank needs to support CDR and you'll need to enable it. This is especially relevant for business accounts, which may require additional steps to activate CDR sharing.

Basiq has published a detailed guide on connecting business accounts via CDR: Connecting Business Accounts via CDR →

Provider coverage: Basiq vs Yodlee vs SaltEdge

Not all providers support all banks. Here's how to think about it:

• Some banks are exclusive to one provider — they'll only appear under Basiq, Yodlee, or SaltEdge, not all three.
• Some banks appear under multiple providers — you'll see the same bank listed two or three times, each with a different provider tag.
• Connection reliability varies — even when two providers support the same bank, one may be more stable than the other. If you're having issues with one, try switching providers.

We recommend trying Basiq first if it's available for your bank, given the CDR-based connection is generally more reliable for Australian institutions.

Current limitations

This is still early days for Basiq in Odoo, and there are some known limitations:

• Multi-currency accounts are not fully supported — if you use services like Wise (TransferWise) with multiple currency balances, you may run into issues with Basiq sync.
• CDR must be enabled with your bank — this isn't always on by default, particularly for business accounts. You may need to contact your bank to activate it.
• Not all banks support CDR yet — while the major four (CBA, ANZ, NAB, Westpac) do, some smaller institutions and neobanks are still rolling it out.

Availability

Basiq is now live on all Odoo versions — Odoo 16, 17, and 18. Whether you're on Odoo.sh, Enterprise, or Community with the accounting module, you'll see it as an option when configuring bank feeds.

Our take

Bank sync has been one of the most common pain points we hear from Australian Odoo users. Yodlee connections drop, banks change their login flows, and reconciliation grinds to a halt. We're hopeful that Basiq — and more specifically, CDR-based connections — will bring the reliability that's been missing.

It's not a silver bullet. Multi-currency support needs work, and CDR coverage still has gaps. But having three providers to choose from is strictly better than one, and the direction is right.

If you need help setting up Basiq in your Odoo instance, switching providers, or troubleshooting bank sync issues, get in touch. It's the kind of thing we help with every week.