Frollo is a free money management app that gives users the ability to sync their accounts from various institutions in one place. It also provides tools and analytics to aid users in building good financial habits. This announcement comes days after the second Open Banking deadline. As of July 1 2021, all authorised Australian Deposit Taking Institutions (ADIs) outside of the big four banks must be capable of sharing their customers’ data under Consumer Data Right (CDR).
Since 2020, Frollo has launched the Big Four banks, as well as a number of tier two and three banks, mutuals, and neobanks on its platform. Like the number of Data Holders, the number of Data Recipients is also growing. Currently, there are 12 Data Recipients accredited to receive Open Banking data.
There are only two Data Recipients live in the market: Frollo and Regional Australia Bank. Both have been live since July 1 2020, when Open Banking launched in Australia. With over 10 million Open Banking API calls, Frollo is responsible for more than 95% of all Data Recipient activity to date.
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