MogoPlus selects TrueLayer for open banking data access in Australia using the Consumer Data Right
MogoPlus, the global experts in bank transaction data insights, will work with TrueLayer, a global leader in open banking, to access financial data using Australia’s Consumer Data Right (CDR).
MogoPlus is in the process of becoming an Accredited Data Recipient authorised by the Australian Competition and Consumer Commission (ACCC). TrueLayer was accredited by the ACCC in September 2021 and became active in February 2022.
In collaboration with TrueLayer, MogoPlus will access customer-permissioned bank data in accordance with the CDR Rules.
MogoPlus enables enterprises to make fully informed customer decisions through descriptive and predictive data insights. The global fintech offers lenders a comprehensive suite of solutions tailored for specific credit products including home loans, credit cards, personal loans, buy now pay later, mortgage refinance, hardship assistance and business lending.
“As a leading global fintech that specialises in credit analytics, our strategy in Australia is to offer cutting edge data insights to our bank and non-bank clients to power a new age of lending solutions,” said Mike Page (pictured right), MogoPlus CEO for Asia Pacific. “This means we need to use the CDR to collect open banking data for use in our insights and analytics engines. We are delighted to be working with the local team from TrueLayer who are a respected open banking pioneer.”
“Our open banking data-driven insights will deliver more accurate lending decisions, quicker processing times, lower operational costs and improved customer experiences,” he continued.
CDR was launched on 1 July 2020 and continues to grow as more providers become accredited and further use cases open up. There are now 16 active data recipients and 106 active data holder brands connected in the CDR ecosystem equating to a 97.7% market share of household deposits. Consultation is currently underway to decide whether to extend the regime to non-bank lending as a first step towards open finance.
“CDR data sharing is rapidly approaching a tipping point,” said Brenton Charnley (pictured left), TrueLayer CEO for Australia & New Zealand. “It’s incredibly exciting to see it all coming together with partners, technology, and use cases. Given their status as global experts in the use of banking transaction data for credit decisioning, onboarding MogoPlus into CDR will be a big benefit to the local lending market to access instant decisioning solutions with structured data insights as well as improving customer journeys and business efficiency.”
With both parties having a strong presence in Australia and the UK, as part of their global footprints, MogoPlus and TrueLayer look forward to a long-term partnership facilitating API-first consented data exchange journeys, coupled with meaningful data-driven insights.