Open Banking is picking up steam with Up launching as Frollo’s seventh Data Holder

Open Banking is picking up steam with Up launching as Frollo’s seventh Data Holder

Today Frollo, the Australian leader in Open Banking, has announced they’ve made neobank Up available on their Open Banking platform as the seventh Data Holder in Australia. Users of the Frollo app will now be able to connect their Up accounts using Open Banking and Frollo Open Banking clients will be able to offer the same to their customers.

Up is the seventh Data Holder available on the Frollo platform, after Tyro launched on the platform last week, following last year’s launches by the big four banks and Regional Australia Bank.

Frollo CIO Tony Thrassis is encouraged by Up’s early launch, stating, “It’s positive that some Data Holders are going early, before the July deadline. We’re expecting at least 15 – 20 Data Holders to be ready in early July, and more in the weeks and months after.

“Each provider needs to be tested before we enable them on our platform, so launching new providers will be a phased approach. It’s great to be able to start this process a few weeks early.”

Up is one of the most requested providers on the Frollo platform, as the popular neobank is not available in other apps, or via alternative account aggregation methods.

With the major banks, the addition of neobanks like Up and tier two banks launching in early July, Open Banking coverage is expected to surpass 90% soon.

The significance of this can’t be overstated, says 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.

“As we’re heading into Year 2 of the Consumer Data Right, Australian consumers will start to experience its benefits, in particular through Personal Finance Management and lending use cases.”