Frollo adds new data holders to its Open Banking platform
Frollo has announced that with the activation of its thirteenth data holder, it has achieved open banking coverage representing approximately 90% of Australia's banking customers.
Frollo is a free money management app that gives users the ability to sync their accounts from various institutions in one place. It also provides a wide range of tools and analytics to aid users in building good financial habits.
This announcement comes days after the second Open Banking deadline. As of July 1, 2021, all authorised Australian Deposit Taking Institutions (ADIs) outside of the big four banks must be capable of sharing their customers’ data under Consumer Data Right (CDR).
Frollo chief information officer, Tony Thrassis assures that, now, in the second year of CDR, “Australian consumers will start to experience its benefits.”
Over the last year, the 2021 Mozo Expert Choice Award best money management app winner has launched the Big Four banks, as well as a number of tier two and three banks, mutuals and neobanks on its platform. Currently, the following banks are live on the platform:
- AMP
- ANZ
- Australian Military Bank
- CBA
- Judo Bank
- NAB
- Regional Australia Bank
- RSL Money
- Suncorp
- Tyro
- UBank
- Up Bank
- Westpac
This is only the beginning, as there are more major Data Holders that will soon be live over the coming weeks, including Macquarie Bank, Volt Bank, Citi, Coles financial services and Qantas Money.
Like the number of Data Holders, the number of Data Recipients is also growing. Currently, there are 12 Data Recipients accredited to receive Open Banking data.
That said, there are only two Data Recipients actually live in the market: Frollo and Regional Australia Bank. Both have been live since 1 July 2020, when Open Banking launched in Australia.
With over 10 Million Open Banking API calls, Frollo is responsible for more than 95% of all Data Recipient activity to date.
Piet van den Boer, the head of marketing at Frollo, joined Mozo writers Liv Gee and Tom Watson on the latest episode of The Finance Burrito podcast. Check it out for insights on how this innovative fintech is using open banking.
Interested in learning more about the digital options available to Australian banking customers?
Then you’ll want to check out the dedicated Mozo neobank and fintech hubs for the latest news, guides, reviews and more.
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