Neobank Up joins Open Banking platform Frollo

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 a wide range of tools and analysis to aid users in building good financial habits. Users of the Frollo app will now be able to connect their Up accounts using Open Banking.

Up is a relatively new neobank, operating under Bendigo and Adelaide Bank’s Australian Deposit Taking Institution (ADI) licence. Its features and functions will appeal to people looking for a technology-led alternative to traditional banking. Wholly hosted in the cloud, Up operates solely on a mobile app. Up is the seventh data holder to launch on Frollo’s Open Banking platform. It is available alongside the big four banks (ANZ, Commonwealth Bank, NAB, and Westpac), Bendigo and Adelaide Bank, Regional Australia Bank, and Tyro Payments.

This announcement comes as the next Open Banking deadline looms. As of July 1 2021, all authorised ADIs outside of the big four banks will need to be capable of sharing their customers’ data under Consumer Data Right (CDR). With the major banks already on board, and the addition of neobanks like Up and second-tier banks launching in July 2021, Frollo predicts that Open Banking coverage will surpass 90% soon.