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Due to the Australian Competition and Consumer Commission (ACCC) granting Tic:Toc the accreditation, the digital lender has now been enabled to utilise open banking as an unrestricted accredited data recipient (ADR) under the Consumer Data Right (CDR).
The company stated this will allow it to “create seamless experiences for both consumers and businesses in Australia”.
Founder and chief executive of Tic:Toc, Anthony Baum, welcomed the accreditation and commented that the company is “extremely well-positioned for this financial services revolution” and has been set up for success in open banking since the company’s founding.
“Tic:Toc’s founding values of transparency, responsibility and being human saw us pioneer the digital lending experience,” Mr Baum said.
“Creating exceptional two-way digital experiences — for the end customer, and the interface user — is at the heart of what we do.
“Our platform is automated, efficient and data agnostic; enabling us to help the industry meet growing customer demand for a digital solution and helping Australians take more control of their home loan journey.”
Mr Baum continued by stating the first wave of innovation for open banking will see “greater competition” and lower switching costs for home loan customers, while ensuring customers that they can share their data “safely, securely and efficiently”.
“As data powered services continue to improve customer experiences in ways that genuinely improve their lives; the opportunity provided by the CDR becomes greater for embedded finance and action initiation,” Mr Baum concluded.
The digital lender closed a $54 million Series D funding round in November 2022, driven by IAG to embed products and services, such as insurance, into its propriety platform.
Furthermore, Tic:Toc announced in February 2023 that its platform powers Qantas Money Home Loans, a white label mortgage offering through Qantas’ money service, Qantas Money, while giving borrowers up to 100,000 Qantas Points per year.
Since the Qantas Money Home Loan is powered by Tic:Toc, it’s only currently available direct and utilises the digital lender’s technology to confirm borrower details in real time to “get an answer in minutes”.
Speaking at the time on the partnership, Mr Baum stated: “Our partnership with Qantas Loyalty demonstrates how customer-focused brands can now leverage technology and balance sheet partners to enter traditionally complex parts of the financial services industry, and create further value for their customers.”
[RELATED: Home loan offering takes off at Qantas]