North Sydney-headquartered Frollo has introduced a product data API service for banks, which helps data holders with adhering to relevant Open Banking regulations.
The API solution satisfies the requirements specified by the Australian Competition & Consumer Commission’s (ACCC) initial guidelines. Frollo is notably one of the first Australian Fintech firms to take part in the country’s open banking program.
Financial institutions in Australia will have to comply with the new Open Banking regulations beginning July 1, 2020. Data holders will be required to publish a list of products that they’re offering.
However, there are many existing core banking platforms that don’t have the updated architecture and bandwidth to support these requirements.
Frollo’s management stated:
“Our focus with developing this solution has been to build a worry free, future proof solution that’s easy to implement regardless of who your core banking partner is.”
Frollo has developed a simple, compliant and future-compatible way to implement and publish product data APIs. This should help clients take care of their open banking requirements.
The Fintech firm said it will be working with its clients’ core banking system providers in order to help them publish the product list details. The company will also focus on standardizing data to ensure that it’s compatible with the latest open banking requirements.
The Frollo team says,
“We’re all working together, that’s the secret. First and foremost we are people who want to help. We … provide accurate and meaningful financial data. Just checking your bank balance is a very small part of the big picture. That’s why we created Frollo. A personal finance and budget management app that will go beyond your balance and track exactly where your money goes every day, week and month.