Frollo reaches a million CDR (Open Banking) API calls!

By Edil Corneille

North Sydney-based Frollo, a FinTech company, announced today its milestone of reaching a million CDR (Open Banking) API calls. The company was acquired in July by lending technology company NextGen.Net and both parties pursue their independent visions while leveraging each other’s experience in complementary industries to lead the way with Australia’s Consumer Data Right.

Reaching 1,000,000 CDR (Open Banking) API calls is also said to be a big milestone for Australian consumer finance, as mentioned by Frollo. The company stated that being one of the leaders in the Consumer Data Right ecosystem, it brings open banking to consumers and businesses through its B2C app and technology solutions.

“Since we launched with CDR on 1 July 2020 we’ve learned a lot. We’ve seen the incredible speed in both accounts linking and data refreshing and more importantly we see this has a positive impact on user engagement and the frequency with which users open our app,” the company mentioned in an article. It further added, “When we compare with traditional ways of account linking, CDR increases conversion: more people link their accounts with a longer consent period.”

Frollo was the first FinTech in Australia to become an Accredited Data Recipient (ADR) under the ACCC’s Open Banking regulations and was the first to go live with access to Open Banking data on July 1.

After almost two months of a managed roll-out, Frollo has apprised that it is excited to start scaling up. As more businesses launch their CDR use cases in the market, the company is expecting to see more consumer benefits. It further enunciated that in 2 years’ time, a million CDR API calls will seem like a small number.