Frollo has announced that with the activation of its thirteenth data holder, it has achieved open banking coverage representing approximately 90% of Australia’s banking customers.
Frollo is a free money management app that gives users the ability to sync their accounts from various institutions in one place. It also provides a wide range of tools and analytics to aid users in building good financial habits. This announcement comes days after the second Open Banking deadline. As of July 1, 2021, all authorized Australian Deposit Taking Institutions (ADIs) outside of the big four banks must be capable of sharing their customers’ data under Consumer Data Right (CDR).
Over the last year, the 2021 Mozo Expert Choice Award best money management app winner has launched the Big Four banks, as well as a number of tier two and three banks, mutual and neobanks on its platform. Currently, the following banks are live on the platform. Like the number of Data Holders, the number of Data Recipients is also growing. Currently, there are 12 Data Recipients accredited to receive Open Banking data.
This is only the beginning, as there are more major Data Holders that will soon be live over the coming weeks, including Macquarie Bank, Volt Bank, Citi, Coles financial services and Qantas Money.
There are only two Data Recipients actually live in the market: Frollo and Regional Australia Bank. Both have been live since 1 July 2020, when Open Banking launched in Australia. With over 10 Million Open Banking API calls, Frollo is responsible for more than 95% of all Data Recipient activity to date.
