Frollo disables screen scarping for 20 more banks

Tuesday 22 November 2022 13:01 CET | News

Australia-based Open Banking company Frollo has disabled screen scraping for 20 more banks in its free money management app and instead will rely on Open Banking data for those banks.


Frollo has disabled screen scraping for 20 more banks in its free money management app and instead will rely on Open Banking data for those banks.


Besides this announcement, Frollo updated its app to make CDR account linking the default for any provider that supports it. Inside its yearly State of Open Banking report, the company called on the government to launch a consumer awareness campaign for Open Banking, noting that the ecosystem is mature enough to provide a reportedly superior alternative to screen scraping. After Frollo has initially remove screen-scraping for ANZ, CBA, NAB, and Westpac in October 2022, the fintech is now doubling down on its efforts by making Open Banking the only option for users to link their accounts with 20 more banks – including Macquarie Bank, St.George, Beyond Bank, and P&N Bank.

According to the company’s Chief Customer Officer, now is the time to push ahead with Open Banking. He said that in the two and a half years Open Banking has been live, it has progressively improved to provide better coverage, improved reliability, and richer data. Open Banking has reportedly reached a point where it is a superior alternative to other ways of sharing financial information. 

The press release mentions that recent high-profile breaches in telco and insurance have brought security and privacy in data sharing top of mind for many consumers. Open Banking could provide a more secure, privacy-focused way to share financial data that gives control of data to the customer, so it would apparently make sense for Frollo to make Open Banking the default and phase out screen-scraping where possible.

The company representative concluded by saying that he feels positive about the fact that the market is finally moving to Open Banking. He gave Beyond Bank and P&N Bank as examples of innovators which have recently launched financial-wellbeing apps, providing customers with a complete view of their finances using Open Banking.

More about Frollo

According to the company, Frollo is a purpose-driven fintech seeking to help people manage their money better. Frollo reportedly allows businesses to use Open Banking data to deliver better customer outcomes: from reducing debt and increasing savings, to reducing financial stress and providing a better, more transparent lending experience. Frollo provides its money management app to consumers for free, as part of its mission to help improve the financial well-being of 5 Million Australians by 2026, the official press release concludes.

In August 2022, Frollo announced its plans to remove screen scraping from its money management app in favour of Open Banking.

This year as well, Frollo was mentioned as a key Open Banking player in our Open Banking Report’s global mapping and infographic. For more information, we encourage you to download our latest report.

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Keywords: Open Banking, screen scraping, data sharing
Categories: Banking & Fintech
Companies: Frollo
Countries: Australia
This article is part of category

Banking & Fintech


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