Open Banking Powered by Frollo
Frollo is leading the charge in Open Banking in Australia. Leverage our experience to gain a competitive advantage.
Leading Open Banking Platform
Award winning platform to collect and use CDR data
Proven CDR technology
Achieved over 4mln Open Banking API calls since launch on 1 July 2020
Deep CDR Experience
Helped build and test the CDR ecosystem as part of ACCC trial
Open Banking Solutions
CDR Gateway
The Frollo Open Banking platform is a proven, powerful solution for consent management and CDR data collection.
- Consent management
- CDR data collection
- Direct access to Frollo SaaS Integration platform
- Market leading transaction enrichment
- Multi data source
PRD Portal
A simple, future proof way to publish compliant Open Banking product data APIs.
- API Management portal
- Simple file upload
- Competitor analysis
- Future proofed
Statement of Financial Position
Streamline credit decision using Open Banking data and AI.
- Market leading accuracy
- Built for Open Banking
- Fully customisable
- Increase speed & Reduce cost
Data Enrichment API
Turn Open Banking data into meaningful insights using AI.
- Market leading accuracy
- Multi data source solution
- One single API
- Constantly improving
Data Holder Testing
Work with Australia’s most experienced CDR Data Holder tester to save time and money, with the confidence your testing will be done to the highest standards.
- Proven testing technology
- Managed service
- Error triaging
- Mock bank data & registry
- Real world testing
Open Banking Use Cases
There are many different use cases for the real time, rich and accurate financial data Open Banking provides. Below are just a few of the use cases the Frollo Open Banking platform supports.
Income & Expense verification
Using CDR data to automatically verify the income and expenses of credit applicants, lowering the cost and increasing the effectiveness of lending decisions.
Onboarding automation
CDR can streamline the onboarding process by helping users automatically fill in their applications using CDR data.
Multi-banking
Financial institutions use CDR to offer their customers a full overview of their finances, including accounts they hold with other banks.
Account verification
Customers can easily prove account ownership using CDR data, when they're setting up payments.
Personal Finance Management
Using real time Open Banking data significantly increases the value PFM tools can deliver to customers.
Product comparison
Combining insights into a customer's financial situation with an up-to-date view of financial products available in Australia, means businesses can help their customers get a better deal.
Building your credit score
Building your credit score
Consumers can use their own financial data to build their credit score, proving their ability to repay loans
Identifying vulnerable customers
Sharing financial information with people or organisations you trust, so they can be notified when it looks like you're in trouble
Risk based pricing
The opportunity to price products bette for risk, and the specific situation of your customers
Consumer Data Right Resources
As a leader in Open Banking in Australia, Frollo has published a number of reports, explainers, checklists and infographics to help grow the Consumer Data Right ecosystem.
You’ll find a selection of these resources below.
The state of Open Banking in Australia
An overview of challenges and opportunities in Open Banking, based on surveys and interviews.
Whitepaper: CDR the Gamechanger
What is the Consumer Data Right and what does it mean for businesses and consumers?
The Frollo ADR checklist
An easy overview of what to do and think about when applying to become an ADR.
Open Banking and financial wellbeing
Our Founder & CEO Gareth Gumbley speaks about how Open Banking can help improve financial wellbeing.
5 questions about Data Holder Testing
Our CIO Tony Thrassis answers the five most frequently asked questions about Data Holder Testing.
Infographic: The state of Open Banking in Australia
Infographic highlighting the key insights from our 2020 report on the State of Open Banking.
About Open Banking in Australia
Following in the footsteps of more progressed Open Banking regimes – the United Kingdom in particular – the move towards Open Banking in Australia started in 2017 when the Federal Government announced a Royal Commission into the banking, superannuation and financial services industry. As a result, the introduction of a Consumer Data Right (CDR) by the ACCC and associated changes to legislation affecting the banking sector were announced in 2018.
On 1 July 2020, the CDR launched in Australia, signalling a watershed moment for the future of the financial sector in our country.
The CDR will ultimately give consumers more control over their banking data and how it is used. It enables them to safely share banking data with trusted third parties such as banks, fintechs and mortgage brokers, helping to significantly streamline many processes where financial data is required.
In short, CDR offers greater transparency for consumers, making it easier for them to manage their finances and get better deals – while also driving more opportunities for innovation and competition across the finance sector.
But change at this scale doesn’t happen at the flick of a switch. Australia’s Open Banking implementation timeline currently stretches to February 2022 with a number of key milestones and a lot of upcoming work still ahead.
CDR timeline for Open Banking
Product phases
Phase 1:
Accounts: Savings, Call, Current, Cheque, Debit card, Transaction, Personal basic, GST & Tax accounts, Term deposits , Credit and charge cards (personal & business)
Phase 2:
Home loan, Personal loan Mortgage offset accounts
Phase 3:
Business finance, investment loan, lines of credit (personal & business), overdrafts (personal & business), asset finance (including leases), consumer leases, accounts: cash management, farm management, pensioner deeming, retirement savings, trust & foreign currency
What's next
The timeline above doesn't include everything that's on the horizon for the Consumer Data Right. A number of exciting things are currently in consultation or being considered.
New accreditation models
Enabling different tiers of data usage and accreditation
Write access
An accredited third party is allowed to initiate transfers on behalf of a customer
Energy
Product data and consumer data sharing in the energy sector
Telco
Product data and consumer data sharing in the telco sector
Who we're working with
We’re helping neobanks, traditional banks, Fintechs, lenders and employers get ahead of the competition with our Open Banking and financial wellbeing solutions.
Awarded
