Open Banking platform

Our end-to-end Open Banking platform helps businesses use CDR data to deliver better customer outcomes

Who we're working with

Open Banking header image

The Frollo Open Banking Platform

A modular, end-to-end solution for using financial data to deliver better customer outcomes.

Helped build and test the Open Banking ecosystem

Australia’s first Fintech ADR and first to go live in July 2020

More than 30 Million Open Banking API calls made to date

The most advanced and reliable Open Banking platform on the market

Open Banking platform - collect, enrich, experience
Open Banking platform - collect, enrich, experience - Mobile

Collect

Connect to 100+ banks with an out of the box, customisable consent flow, data sharing dashboard and advanced user management portal

CDR Gateway

The Frollo Open Banking platform is a proven, powerful solution for consent management and CDR data collection.

Open Banking platform - Collect
Open Banking platform - Enrich

Enrich

Categorise transactions, detect bills and verify income with market leading accuracy.

Data Enrichment API

Turn Open Banking data into meaningful insights using AI.

Experience

Plug & play access to Open Banking powered solutions for lending, personal finance management and customer onboarding.

Financial Passport

Streamline credit decisions using Open Banking and AI.

Money Management Platform

Uplift your customer experience with market leading financial wellbeing and banking features

Additional products

Data Holder Testing

Save time and money with the confidence your testing will be done to the highest standards.

PRD Portal

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

Testimonial - p&n Bank

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.

Phil Thistlethwaite, Chief Transformation Officer, P&N Group

Case studies

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.

Financial passport use case Lending

Income & Expense verification

Use CDR data to verify the income and expenses of credit applicants, improving the effectiveness of lending decisions.

Money Management use cases_UI SDK

Onboarding automation

CDR can streamline the onboarding process by helping users automatically fill in their applications using CDR data.

Open Banking use case - Multi-banking

Multi-banking

Use CDR data to offer customers an overview of their finances, including accounts they hold with other banks.

Open Banking use case - Account verification

Account verification

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

Personal Finance Management

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

Product comparison

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

Consumers can use their own financial data to build their credit score, proving their ability to repay loans.

Open Banking use cases - 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.

Open Banking use case - Risk-based-pricing

Risk based pricing

The opportunity to price products better for risk, and the specific situation of your customers.

Open Banking CDR 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.

Open Banking - The Consumer perspective

A report which uncovers Australians’ interest in, and concerns with Open Banking powered products and services

The state of Open Banking in 2021

An overview of challenges and opportunities in Open Banking, based on surveys and interviews.

The definitive guide to tiered accreditation

An overview of the new CDR access models and what they mean for businesses who want to use Open Banking data.

Trust and the future of consumer lending

A report on innovations in PFM, Payments and Open Banking

Open Banking API performance monitor

Compare API performance by brand for speed and reliability

About Open Banking in Australia

What are the Consumer Data Right and 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.

The CDR is an economy wide initiative that will include many sectors, like energy and telco. On 1 July 2020, the CDR launched in Australia in the financial sector. This is called Open Banking. Regional Australia Bank and Frollo were the two companies that launched a use case on that day.

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.

Open Banking in Australia - Introducing CDR

Which banks are sharing data in Open Banking?

When Open Banking launched, only the Big Four banks had to enable their customers to share data. Since 1 November 2021, more than 90 financial institutions have data sharing obligations, providing more than 90% market coverage.

Financial institutions sharing data under Open Banking are called Data Holders. For an up to date list of Data Holders and their status, see our Data Holder overview.

How fast and reliable are Open Banking APIs?

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 on a monthly basis. As Australia’s leading Open Banking intermediary, 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.

Open Banking in Australia - API performance
Open Banking in Australia - CDR Access models

What kind of accreditation does a business need for Open Banking?

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.

Where can consumers use Open Banking?

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 2022.

A few places where consumers can currently use Open Banking:

  1. The Frollo consumer app – A free money management app, providing users with a real time overview of their finances, insights and the tools to improve
  2. Regional Australia Bank – Link your financial accounts to streamline the process of taking out a personal loan or mortgage
  3. Realestate.com.au – Download a free Financial Passport to get a better sense of your financial position
Open Banking in Australia - live use cases

Download the Open Banking platform product sheet