Financial management software company Frollo today announced its app is the first to integrate data from Australia’s Consumer Data Right.
Elsewhere, global accounting software giant Intuit joins Frollo as one of three accredited CDR data recipients, and says it is working to incorporate bank feeds into its software in Australia.
Frollo says it is the first company to make CDR product information available to its app users, today adding a feature allowing users to check the rates, fees and extras for their financial products from within the Frollo app.
Under Australia’s Consumer Data Right scheme, which is first being applied to the finance sector through Open Banking, consumers can request access to their financial data in a machine-readable way and banks must make product data similarly available.
The intention is to use data portability as a way of reducing barriers to switching and also spur innovation in the local sector.
Neobank 86 400 began using Open Banking product data last month, claiming an Australian first, but displays its data via a web site graph tool rather than an app.
Under CDR, banks will eventually have to also share consumers’ data, which should allow more innovative use cases. Frollo says it is working on ways of combining user data and product data. But the company says any improved access to data can be important for financial management.
“Whether it’s helping them meet the conditions of their bonus interest savings account, nudging them to pay off a little more on their credit card to avoid fees, or to find a financial product that better suits their situation, it’s all possible and very exciting,” a Frollo blog post on the new feature states.
Intuit added to accreditation list
On Friday the ACCC announced it has accredited Intuit to participate in CDR, joining Frollo and Regional Australia Bank as the first accredited data recipients.
Clearance from the regulator means Intuit met its security and testing requirements — reported by others as a relatively high bar — and is able to receive product data and consumers’ transaction data if they choose.
In practice it means users of Intuit’s accounting software will be able to incorporate their financial data into the accounting platforms.
“Intuit’s priority is to first implement the CDR bank feeds via APIs to give our customers enhanced speed, security and smart solutions,” said Steve Kemp, head of financial institutions partnerships APAC and emerging markets, Intuit QuickBooks Australia
“We’re also excited about upgrading our customers’ current bank feed experience from a more manual onboarding process.”
Kemp told Which-50 the evolving nature of the CDR rules and testing process — Intuit was one of the original ten testers of Open Banking — meant the company had to be “extremely flexible” to accommodate the ongoing rule changes into Intuit solutions.
“As an early participant we played a role in shaping the testing program and we believe future participants will benefit from our contribution and expertise.”
Kemp says it was important for Intuit to be involved in CDR and Open Banking early to enhance its products.
“CDR accreditation will provide the ability for small business customers to experience enhanced speed, security and smart solutions (AI-driven insights) through the QuickBooks product.”