Powered by MOMENTUM MEDIA
subscribe to our newsletter

Bendigo’s Up joins open banking platform

Fintech Frollo has added neobank Up to its open banking platform, with more consumer data holders expected to follow in the coming weeks.

Bendigo and Adelaide Bank’s digital subsidiary Up is the seventh data holder (an entity holding consumer data, rather than a data recipient) to join the Frollo platform.

The move will allow users of Frollo’s budget management app to connect their banking accounts with Up.

The Frollo app shows users their financial products, including bank accounts, loans, credit cards, investments and superannuation in one interface.

The Up partnership will also allow Frollo’s open banking clients to offer the same ability to their customers, to link their Up accounts and to see their data.

Advertisement
Advertisement

Payments company Tyro also joined the open banking platform last week, following the big four banks and Regional Australia Bank last year.

Frollo chief investment officer Tony Thrassis commented it is “positive” that some data holders are sharing their information before the open baking regime’s July deadline.

“We’re expecting at least 15 to 20 data holders to be ready in early July and more in the weeks and months after,” Mr Thrassis said.

“Each provider needs to be tested before we enable them on our platform, so launching new providers will be a phased approach.”

Frollo has reported that with the addition of non-major banks in early July, open banking coverage is expected to surpass 90 per cent.

PROMOTED CONTENT


“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,” Mr Thrassis said.

“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.”

[Related: Concerns raised over joint account data sharing]

Bendigo’s Up joins open banking platform
Bendigo’s Up joins open banking platform
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Sarah Simpkins

Sarah Simpkins is the news editor across Mortgage Business and The Adviser. 

Previously, she reported on banking, financial services and wealth for InvestorDaily and ifa.

You can contact her on This email address is being protected from spambots. You need JavaScript enabled to view it..

Latest News

Australian buy now, pay later giant Afterpay is set to be acquired by a San Francisco payments fintech, in a deal worth approximately $39 bi...

There has been sustained robust growth in home lending driven by strong owner-occupied lending and faster growth in investor housing, accord...

The prudential regulator has launched a week-long consultation on its regulatory approach for banks offering temporary financial assistance ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.