Suncorp partners with Frollo for open banking APIs in Australia
By Edil Corneille
Australian FinTech Frollo announced that Suncorp Bank will utilise the Frollo PRD Portal to power their open banking product APIs and comply with data holder obligations under the Consumer Data Right (CDR).
In February 2020, the Australian Competition & Consumer Commission (ACCC) declared the Competition and Consumer (Consumer Data Right) Rules which provide legislative force to consumer data-sharing obligations in banking, to become mandatory from July 1, 2020.
Suncorp will take advantage of the ease of use, low cost and future proof solution the Frollo PRD Portal provides. They will get access to the real-time competitive product comparison tool, using all publicly available PRD APIs.
Suncorp joins a growing number of businesses using the Frollo Open Banking platform to comply, compete and innovate with Open Banking.
Getting ready for phase 2 CDR products
As the deadline for publishing Phase 1 product information APIs passed in October 2020, many banks are looking at their next milestone: Phase 2 product information in February 2021.
Frollo clients BNK, P&N Bank and CuSA have started publishing residential mortgage product information, including more complex multi-tiered LVR mortgage products.
Making open banking compliance easy
The Frollo PRD portal is said to offer an easy, future proof way to comply with product data obligations. The platform also includes a real-time competitive product analysis using PRD APIs.
Frollo is a purpose-driven tech organisation on a quest to help improve peoples lives through increased financial wellbeing. The company simplifies and automates the process of getting ahead with finances through the provision of actionable insights, gamification and being part of a community.
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