Financial wellbeing features in the VMA banking app
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Our end-to-end Open Banking platform helps you collect and use Open Banking data to drive better outcomes for you and your customers.
Take advantage of a range of out-of-the-box use cases, such as streamlined customer onboarding & lending applications, and a suite of powerful money management tools.
A flexible end-to-end solution for using Open Banking data in your business.
Live with Open Banking since 1 July 2020
Plug & play use cases for a seamless experience
Trusted by Big Four banks, mutuals, lenders & fintechs
Most advanced and reliable Open Banking platform on the market
Power any current and future use cases with Australia’s most advanced and reliable Open Banking platform.
The Frollo Open Banking platform is a complete, reliable and customisable solution for using Open Banking data in your organisation.
Categorise transactions, detect bills and verify income with market leading accuracy.
Turn Open Banking (and core banking) data into meaningful insights using AI.
Plug & play access to Open Banking powered solutions for lending, personal finance management and customer onboarding.
Streamline credit applications, reduce risk and reduce the time-to-yes with our Open Banking powered financial customer profile.
Uplift your customer experience, increase engagement and retention with market-leading financial well-being and banking features
The flexibility of doing your own testing, with the peace of mind of expert support.
A simple, future-proof way to publish compliant Open Banking product data APIs.
Consumer trust is going to be a key element in the take-up of this new way of banking and partnering with a trusted organisation like Frollo sets us on the right path from the outset.
Financial wellbeing features in the VMA banking app
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Financial wellbeing features in the VMA banking app
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Helping people feel good about money
Read MoreThere 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.
Use CDR data to verify the income and expenses of credit applicants, improving the effectiveness of lending decisions.
CDR can streamline the onboarding process by helping users automatically fill in their applications using CDR data.
Use CDR data to offer customers an overview of their finances, including accounts they hold with other banks.
Customers can easily prove account ownership using CDR data, when they’re setting up payments.
Real time Open Banking data significantly increases the value PFM tools can deliver to customers.
An up-to-date view of financial products available in Australia, means businesses can help their customers get a better deal.
Consumers can use their own financial data to build their credit score, proving their ability to repay loans.
Sharing financial information with people or organisations you trust, so they can be notified when it looks like you’re in trouble.
The opportunity to price products better for risk, and the specific situation of your customers.
As a leader in Open Banking in Australia, Frollo has published several reports, explainers, checklists and infographics to push the Consumer Data Right ecosystem forward.
You’ll find a selection of these resources below.
A report which takes a pulse check of the industry and the opportunities it presents for banks, fintechs, brokers and lenders.
A report which uncovers Australians’ interest in, and concerns with Open Banking powered products and services
Banking was the first sector to launch as part of the Consumer Data Right (CDR) on 1 July 2020. Just as in the UK and other countries, in Australia, this is commonly referred to as Open Banking.
The Consumer Data Right (CDR) puts consumers in control of their data, by giving them the right to share their data between service providers of their choosing. More than 100 banks currently make it possible for their customers to share financial data with third-party providers.
That wasn’t always the case; as part of a phased roll-out over two years, the Big Four banks were the first to enable data-sharing for their customers in 2020.
At launch, Regional Australia Bank and Frollo were the two companies that were accredited to receive Open Banking data. Regional Australia Bank allowed customers to use it for streamlining lending applications, and Frollo used Open Banking in its money management app.
Open Banking 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, Open Banking 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.
When Open Banking launched, only the Big Four banks had to enable their customers to share data. Now, more than 100 financial institutions (Data Holders) let their customers share data, providing more than 90% market coverage.
Australia’s Open Banking regime is unique in the depth and breadth of data that’s available. Data Holders share data from more than 30 different financial products, including savings accounts, mortgages, business banking accounts and credit cards. This data isn’t limited to just the transactions either, it includes things like rates, fees and product information to enable easy product comparisons and financial advice.
Fast and reliable access to financial customer data is crucial for many Open Banking use cases. Unfortunately, it’s hard for businesses to check API performance before they go live. It’s why Frollo tracks and publishes API performance metrics.
As Australia’s leading Open Banking intermediary with more than 90% of all API calls made to date, Frollo is in a unique position to measure performance for all live Data Holders.
Overall, Australian Open Banking APIs are fast and reliable. They deliver data in less than a second with more than 98% reliability.
See the detailed and up to date results by financial institution in our Open Banking API performance monitor.
There are a few different ways for a business to offer Open Banking powered experiences to their customers. In addition to ‘Unrestricted Accredited Data Recipient (ADR)’, there are five more CDR access models a business could utilise to access Open Banking data. Which of these is best for your business depends on your use case, your organisation and how strategic Open Banking data is for you.
The six CDR access models are:
Download our free Definitive Guide to CDR access models to learn more about the different models and find out what’s right for you.
Although there aren’t many places where consumers can use Open Banking yet, more businesses are starting to build exciting use cases. So expect to see many more of them launch in 2023.
A few places where consumers can currently use Open Banking:
