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Frollo launches Open Banking API for Australia

Wednesday 15 April 2020 08:29 CET | News

Frollo, an Australian banking service provider, has announced its Open Banking Product Data API. 

New open banking regulations go into effect in Australia on July 1. The goal of Frollo's API is to help data holders comply with new requirements without hassle. Users can leverage the API regardless of who their banking partner is.

The Australian Competition and Consumer Commission (ACCC) will roll out its open banking standards in phases, the first going into effect on July 1. The first step for banks is making products available to consumers via open banking APIs. That's where Frollo comes in. Its API is both open banking compliant, and future-proofed for continued compliance.

Frollo works with the banking system provider of choice and extracts product list details. The data retrieved is standardised and made open banking ready. Customers can then publish the product list as required by the open banking standard. Finally, Frollo follows SLAs for ongoing needs that comply with the open banking standard.

 


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Keywords: Frollo, Open Banking, API, Australia, compliance, banking
Categories: Banking & Fintech
Companies:
Countries: Australia
This article is part of category

Banking & Fintech