Open Banking Powered by Frollo

Frollo is leading the charge in Open Banking in Australia. Leverage our experience to gain a competitive advantage.
Open Banking

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.

PRD Portal

A simple, future proof way to publish compliant Open Banking product data APIs.

Financial Passport

Streamline credit decision using Open Banking data and AI.

Data Enrichment API

Turn Open Banking data into meaningful insights using AI.

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.

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 and Expense verification

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

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.

Open Banking powered Account verification

Account verification

Customers can easily prove account ownership using CDR data, when they're setting up payments.

Open Banking powered Personal finance management

Personal Finance Management

Using real time Open Banking data significantly increases the value PFM tools can deliver to customers.

Open Banking powered Product comparison

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

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

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

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

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