Frollo goes live today with access to data from Australia’s new Consumer Data Right (CDR) system

By Edil Corneille

With the Consumer Data Right (CDR) Rules going live today for data sharing in Australia, Sydney-based FinTech company Frollo has gone live today, being one of the only 2 companies approved so far, to access data from the new CDR system. With first access, the company mentioned that it is in a unique position to help traditional banks, neobanks, FinTechs, lenders and employers get ahead of the competition with its B2B and open banking solutions. The company apprised that with its financial wellbeing and budgeting app, it the only FinTech to be an Accredited Data Recipient (ADR) under CDR rules.

Gareth Gumbley, Founder & CEO, Frollo encapsulated, “Now that the Consumer Data Right is live, the next step for everybody is how to leverage the data for a competitive advantage. Given our experience testing alongside the banks, we’re in a position to educate and guide other businesses looking to comply, compete, innovate and leverage the opportunities available under the system. While other financial organisations looking to get accredited will benefit from clearer testing and rule frameworks compared to our experience, it will still be a challenging process for them, which we can certainly help with.”

“Once these organisations become new ADRs, we’re also in a unique position to help them actually collect the CDR data through our SaaS technology solutions. We’re currently one of the only organisations to have technology built specifically for open banking in Australia, which makes it incredibly valuable for new ADRs who don’t have the resources to invest in their own solutions,” he further articulated.

Also, read: Consumer Data Right goes live today for data sharing in Australia

“The Consumer Data Right system gives organisations the ability to be faster, more transparent and more secure. From today, we’re moving into a world where we can give users a real-time view of their money and will soon be able to confidently move them to the best products available with a couple of clicks,” Gumbley enunciated.

In line with open banking going live in Australia, Frollo is launching a new AI engine for transaction enrichment which will be rolled out to all of its users and data sources over the next few weeks. All open banking transactions will be categorised and enriched by the newly developed AI engine, with over 40 per cent improvement in accuracy over the platform’s current categorisation.