Earlier this month, Open Banking platform Frollo announced a partnership with fintech EML Payments to give lenders and neobanks early access to Australia’s first Open Banking platform, Nuapay.
It followed the news in April that Frollo has signed Australian bank ANZ as a client.
The EML Nuapay product suite has been designed to “streamline, enhance and personalise” the entire user journey for neolenders and neobanks, by providing instant decisions and access to money.
Gareth Gumbley, founder and CEO of Frollo, said: “We believe Open Banking will be a game-changer for consumers worldwide, helping them improve their finances. We’re excited to have found a partner in EML that recognises this opportunity and can help us make this a reality.
“By integrating market-leading Open Banking, payments, and personal finance management features into a fully customisable solution, Nuapay can offer lenders and fintechs a simple way to take their customer experience to the next level.”
Sarah Bowles, group chief product officer at EML, added that the two companies are on “a joint mission to remove friction, help Australians feel better about money and help the fintechs driving this revolution to scale quickly”.
On 28 April, Frollo revealed that ANZ had partnered with it to access Open Banking data.
ANZ will use Frollo’s CDR Gateway to receive consumers’ financial data from other data holders as part of its participation in the CDR ecosystem as a data recipient.
Gumbley said: “We’re proud to be supporting ANZ on their Open Banking journey. We’ve worked closely with them over the past 18 months on the data holder side, testing the ecosystem and improving reliability.
“It speaks to the maturity of our platform and the expertise of our team that ANZ has decided to engage Frollo and use our CDR Gateway.”
ANZ Open Banking lead Richard Hough added: “We have chosen to work with Frollo because of their experience with Open Banking, and proven accreditation and experience as a data recipient platform with the ACCC.”
To read more about Australia’s Open Banking journey, click here.