Customer-owned bank Beyond Bank Australia has extended its relationship with Frollo by selecting its ‘CDR gateway’ to collect and use Open Banking data.
The bank said that the partnership will improve the lending experience for its customers.
Beyond Bank, which was accredited as one of the first customer-owned data recipients in Australia in September this year, begun its partnership with Frollo in mid-2021, when it announced that it would use Frollo’s personal finance management (PFM) platform to launch a white label financial wellbeing app alongside its main banking app.
The bank is currently piloting its financial wellbeing app and expects to launch it in early 2022.
Wayne Matters, deputy CEO of Beyond Bank, said: “It’s still early days for Open Banking. As the leading Australian Open Banking platform, Frollo offers us an end-to-end solution for most current uses and the confidence they will have any future uses covered.
“We’ve worked closely with the Frollo team on our financial wellbeing app and we’re excited to continue working with them and use Open Banking data to unlock more value for our customers.”
Frollo founder and CEO Gareth Gumbley, added: “As a purpose-driven fintech, it’s great to work with a customer-owned bank like Beyond Bank, that has similar values and is always looking to deliver better customer outcomes.
“We believe that CDR will be a big driver of consumer value and we’re excited to work together on unlocking this value through financial wellbeing and responsible lending.”
Most recently, Frollo teamed up with Volt for the launch of a Banking-as-a-Service app.