Frollo has launched Up Bank as Data Holder number 7 in the Frollo app and on its Open Banking platform
Today Frollo, the Australian leader in Open Banking, has announced they’ve made neobank Up available on their Open Banking platform as the 7th Data Holder in Australia. Users of the Frollo app will now be able to connect their Up accounts using Open Banking and Frollo Open Banking clients will be able to offer the same to their customers via the Frollo CDR Gateway.
Up is the 7th Data Holder available on the Frollo platform, after the Big Four and Regional Australia Bank launched last year and Tyro launched only last week.
Frollo CIO Tony Thrassis is encouraged by Up’s early launch: “It’s positive that some Data Holders are going early, before the July deadline. We’re expecting at least 15 – 20 Data Holders to be ready in early July, and more in the weeks and months after.
Each provider needs to be tested before we enable them on our platform, so launching new providers will be a phased approach. It’s great to be able to start this process a few weeks early.”
Up is one of the most requested providers on the Frollo platform, as the popular neobank is not available in other apps, or via alternative account aggregation methods.
With the Big Four banks, the addition of neobanks like Up and tier 2 banks launching in early July, Open Banking coverage is expected to surpass 90% soon.
The significance of this can’t be overstated, says Mr. Thrassis: “This level of coverage, combined with the superior user experience, security and real time transaction data will allow businesses to build truly disruptive products and services.
As we’re heading into year 2 of the Consumer Data Right, Australian consumers will start to experience its benefits, in particular through Personal Finance Management and lending use cases.”
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