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Traditional Credit Union partners with Frollo to publish PRD APIs

By Edil Corneille

September 21, 2020

  • Australia
  • Frollo
  • Traditional Credit Union

Frollo, Australia, Open Banking, FinTech, API, CDR, PRD, credit unionAustralian FinTech company Frollo, an Accredited Data Recipient under Open Banking regulations in the country, has announced that Casuarina-based Aboriginal owned and operated Traditional Credit Union (TCU) has partnered with it. TCU will be using the Frollo PRD portal to publish their product reference data.

The Frollo PRD platform is said to make it easy and affordable for the Indigenous-owned credit union in Australia to comply with their obligations to publish product reference data.

Frollo mentioned that it believes that the Consumer Data Right is going to bring about more competition, innovation and ultimately a better deal for consumers. Key to the success of CDR is the participation of Data Holders and Data Recipients beyond the big 4 banks (ANZ, CBA, NAB and Westpac) to drive this competition and innovation.

Gareth Gumbley, CEO & Founder, Frollo enthused, “We’re proud that Traditional Credit Union chose to partner with Frollo. It’s important that all Data Holders are able to participate in the Consumer Data Right, especially ones that are doing such great work for indigenous communities like TCU.”

TCU provides personalised, quality financial services for indigenous people and organisations in remote Australia. Just like other Data Holders, the credit union is obligated to publish product data in a specified structure, through APIs that adhere to performance, security and accessibility standards, from October 1.

Tony Hampton, CEO, Traditional Credit Union enunciated, “Choosing Frollo as a partner was a simple decision, they reflect our values, understand our mission of financial inclusion for Indigenous people electing to live ‘on country’ and provide access to technologies and skills normally reserved for major mainstream banking organisations.”

Frollo has apprised that its objective since the time of building the PRD portal was to make it easy, affordable and worry-free for any Data Holder to comply with the PRD regulations. The FinTech has mentioned that because of this, some of the smallest and some of the largest mutuals have chosen to partner with it for PRD not just to meet the October 1 compliance commitments, but because they see Frollo as a partner for the future.

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