Customers can link their financial accounts to fast track credit applications
We’re excited to announce a big milestone for Frollo and the Consumer Data Right:
On 1 March 2022 our first Open Banking client (an Australian bank) went live on the Frollo Open Banking platform.
The bank has integrated the Frollo CDR Gateway into their lending process, allowing customers to link their financial accounts and fast track their credit applications. Next will be home lending, which is expected to launch in the next two months.
We’re proud to have launched in record time: Going from ideation to go-live in only a few months is quite the achievement – especially for a big bank!
We think this truly marks a tipping point for Open Banking in Australia. In the 20 months since CDR went live with Regional Australia Bank and Frollo, not many Open Banking use cases were launched. Most of the focus during this time was on making the data available to power these use cases.
With Open Banking data coverage now exceeding 90%, the industry excitement to get started using the data has never been higher. And banks are the first to take action. Beyond Bank, P&N Bank and BCU Bank all became ‘Active’ Data Recipients on the CDR Registry using the Frollo Open Banking platform in the last few weeks.
4 out of 6 banks are using the Frollo Open Banking platformGareth Gumbley (CEO & Founder, Frollo)
This partnership and launch are a testament to the position Frollo has in the market, says our founder and CEO, Gareth Gumbley: “When we started our Open Banking journey 4 years ago, we couldn’t have dreamed of the position we’re in today. We’ve now launched a big bank in record time, with Beyond Bank, P&N Bank and bcu following soon. And 4 out of 6 ‘Active’ banks are using our Open Banking platform.
Banks, fintechs, broker groups and lenders are working with us because they know our technology enables them to deliver a high quality user experience and reduce their time to market.
Now it’s on us to help them use Open Banking data to deliver better customer outcomes.”