Fintech Frollo has teamed up with REA Group to launch an Open Banking powered ‘Financial Passport’ proof of concept (POC) to help Australians with the home-buying process.
In this initial proof of concept, customers of REA will share their CDR data with Frollo to generate the ‘Frollo Financial Passport’, which is a real-time customer financial profile to streamline lending decisions and customer onboarding.
REA customers will then be able to download the passport and add it to their realestate.com.au account, to instantly generate an “in-depth overview” of their finances.
Frollo said that this process negates the need for REA Group to become an Accredited Data Recipient (ADR) for the POC and has reduced the speed to market to fewer than six weeks.
Eloise Wall, general manager financial experiences at REA Group, said: “Leveraging Frollo’s technology and experience as a leader in Open Banking allows us to continue on our mission to change the way people experience property.
“Launching the first Open Banking use case in home buying on the REA platform will bring the benefits of Open Banking to many more property buyers.”
Australian customer-owned banking organisation P&N Group, which operates under the retail brands P&N Bank and bcu, recently formed a new partnership with Frollo to realise the benefits of Open Banking for its customers.