Neobank Up joins Frollo open banking platform

Two Mozo Expert Choice Award favourites are teaming up to provide revolutionary Open Banking services to their 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 analysis to aid users in building good financial habits.

Now, the 2021 Mozo Expert Choice Award best money management app winner has announced that it has made Neobank Up a data holder available on its platform. Users of the Frollo app will now be able to connect their Up accounts using Open Banking.

Up is a relatively new neobank, operating under Bendigo and Adelaide Bank’s Australian Deposit Taking Institution (ADI) licence. It boasts a wide range of easy-to-use features and functions that will appeal to people looking for a technology-led alternative to traditional banking. Wholly hosted in the cloud, Up operates solely on a mobile app. The neobank took out many Mozo Expert Choice Awards in 2021 for their bank account, savings account and mobile app.

Up is the seventh data holder to launch on Frollo’s Open Banking platform. It is in good company, available alongside the big four banks (ANZ, Commonwealth Bank, NAB and Westpac), Bendigo and Adelaide Bank, Regional Australia Bank and Tyro Payments.

This announcement comes as the next Open Banking deadline looms. As of July 1, 2021, all authorised ADIs outside of the big four banks will need to be capable of sharing their customers’ data under Consumer Data Right (CDR).

Frollo chief information officer, Tony Thrassis assures that in the second year of CDR, “Australian consumers will start to experience its benefits.”

With the major banks already on board, and the addition of neobanks like Up and second-tier banks launching in July, Frollo predicts that Open Banking coverage will surpass 90% soon.

“We’re expecting at least 15 - 20 Data Holders to be ready in early July and more in the weeks and months after,” said Thrassis.

“This level of coverage, combined with the superior user experience, security and real-time transaction data, will allow businesses to build truly disruptive products and services.”

If you're interested in learning more about the digital banking options available, check out the dedicated Mozo neobank and fintech hubs for the latest news, guides, reviews and more.