Consumer Data Right gives you the right to share your data between service providers of your choosing. It's now active in banking, so you may choose to share your banking data with a prospective bank to get a better view of your financial position.
Consumer Data Right will grow over time, as more and more providers become accredited. As it grows, it will become more powerful for individuals and small businesses.
Australia’s Consumer Data Right is being rolled out in stages. Banking is first, followed by energy and then telecommunications. This means that data holders in these industries will have to comply with Consumer Data Right compliance requirements as the system rolls out.
Frollo is frequently adding financial providers to our platform so you can manage all of your accounts in one App. These include banks, lenders, investment portfolios, and other financial providers.
Providers coming soon:
- Aussie Home Loans
- Bendigo Bank
- Bell Potter
- Card Services (Citi)
- Coles Financial Services
- Heritage Bank
- Kogan Money
- Macquarie Bank
- Zip Pay
Following advice from the ACCC all financial institutions will be mandated to provide their customer data via the Consumer Data Right (CDR Regime), which will mean Frollo as an approved Data Recipient will be able to link all providers. You can learn more about this and the ACCC timeline here: https://www.cdr.gov.au/
There will be a bit of a wait but all providers will be joining the CDR Regime in a phased rollout this year. This will provide consumers with a faster, more accurate and safer platform to share data to approved Accredited Data Recipients such as Frollo.