Bendigo’s Up joins open banking platform

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.

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.

“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.”