Open Banking in Australia
Fast accurate linking to your account transactions in near real-time.
Frollo has launched CDR
Frollo is the first Australian FinTech to be an Accredited Data Recipient (ADR) under Consumer Data Right (CDR) rules after it participated in the Open Banking trial and helped build and test the infrastructure alongside the big four banks for the ACCC.
The CDR gives consumers greater control over their own data, including the ability to securely share data with a trusted third party. It aims to help consumers monitor their finances, utilities, and other services, and compare and switch between different offerings more easily. The system also aims to encourage innovation and competition between service providers, helping consumers to access products and services that better suit their specific needs.
What does this mean for you?
You can already securely share your financial information with Frollo, but CDR has some important benefits:
It’s fast - Linking accounts will take a fraction of the time
It’s up-to-date: Your transactions will be refreshed near real-time
It’s regulated: It’s an Australian government-led scheme
You’re better informed: Having better quality data in Frollo will help us provide you with more relevant insights and tips
When will you get CDR?
Following the advice from the ACCC, all financial institutions will be mandated to provide their customer data via the Consumer Data Right (CDR Regime), which means Frollo as an AccreditedData Recipient, will be able to link all providers.
You can learn more about this and the ACCC timeline here: https://www.cdr.gov.au/
Phasing grabbed from the: https://www.cdr.gov.au/rollout#goto-rectification-schedule