Open banking’s two approved players
In order to participate in the information sharing made possible through the new open banking system which went live on 1 July, organisations must apply to become accredited data recipients (ADR) and take the steps necessary to be able to securely receive data.
Upon the system’s launch earlier this week, there were just two official ADRs – a fintech and a customer-owned bank – with a further 39 providers in the process to become accredited.
Sydney-based Frollo welcomed the opportunity to participate in the open banking trial and help shape and test the system’s infrastructure alongside the big four banks.
As the only accredited fintech, the group considers itself in a unique position to help all industry players – traditional banks, neobanks, fintechs, lenders and employers – get ahead of the competition with its open banking solutions.
Frollo is currently one of the only organisations with technology built specifically for open banking within Australia, making its SaaS technology solutions ”incredibly valuable” for new ADRs that don’t have the resources to invest in their own solutions.
“Now that the CDR is live, the next step for everybody is how to leverage the data for a competitive advantage,” said Frollo CEO and founder, Gareth Gumbley,
“While other financial organisations looking to get accredited will benefit from clearer testing and rule frameworks compared to our experience, it will still be a challenging process for them, which we can certainly help with.
“Given our experience testing alongside the banks, we’re in a position to educate and guide other businesses looking to comply, compete, innovate and leverage the opportunities available under the system.”
Customer-owned Regional Australia Bank was the only other ADR at the commencement of open banking.
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