Frollo makes CDR product information available to users
By Edil Corneille
Australian FinTech Frollo, a company that leverages open banking data and supports the easy implementation of it through its Application Programming Interface (API) platform, announced that it is the first company in the country to make Consumer Data Right (CDR) product information available to its app users. The company asserted that it was the first app to launch with CDR in July 2020 too.
In February, the Australian Competition & Consumer Commission (ACCC) declared the Competition and Consumer (CDR) Rules which provide legislative force to consumer data-sharing obligations in banking, to become mandatory from July 1, 2020. Following the launch of the rules today, consumers can now choose to share their banking data to access more personalised financial products and services.
With the app update, Frollo users will be able to easily check the rates, fees and extra’s for their financial products in the Frollo app. Users who have linked eligible products will automatically get access to accurate, up to date information about these products using Product Reference Data (PRD) APIs.
On its website, Frollo mentioned, “This is only the first step in using product information in our quest to help people feel good about money. The combination of real time transactional data and accurate, up to date product information is extremely powerful. It allows us to really understand our users’ finances, help them make better financial decisions and get a better deal on their finances.”
“Whether it’s helping them meet the conditions of their bonus interest savings account, nudging them to pay off a little more on their credit card to avoid fees, or to find a financial product that better suits their situation, it’s all possible and very exciting.”
The product information is currently available for all CDR linked transaction accounts, savings accounts, credit cards and personal loans.
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December 08, 2023