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Beyond Bank to use open banking platform

Beyond Bank has partnered with fintech Frollo, to use its open banking data-sharing platform.

Under the agreement, the customer-owned bank will gain access to Frollo’s CDR (consumer data right) Gateway, for its banking and lending capabilities.

The platform has offered access to data from around 80 financial institutions, spending insights with transaction categorisation and further offerings for personal finance management, lending and customer onboarding.

Beyond Bank became an accredited data recipient in September and had previously teamed up with Frollo to launch a white-label version of its personal finance management (PFM) app, alongside its banking app.

The bank’s financial wellbeing app, which will offer customers a full view of their finances, is currently being piloted and is expected to launch in early 2022.

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Beyond Bank deputy chief executive Wayne Matters commented: “It’s still early days for open banking. As the leading Australian open banking platform, Frollo offers us an end-to-end solution for most current uses and the confidence they will have any future uses covered.”

Frollo founder and CEO Gareth Gumbley added Beyond Bank has “similar values” to the fintech.

“We believe that CDR will be a big driver of consumer value and we’re excited to work together on unlocking this value through financial wellbeing and responsible lending,” he said.

Frollo has signed a number of partnerships this year. The most recent deals the fintech has made has included a partnership with mutual P&N Group and an agreement for a white-label banking app with Volt.

The first customer to roll out Volt’s banking-as-a-service (BaaS) app is aggregator Australian Finance Group (AFG).

[Related: Westpac initiates Android introduction]

Beyond Bank to use open banking platform
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