Douugh Ltd (ASX: DOU), the banking super app on a mission to help clients “autonomously budget, save and invest their money to live financially healthier lives,” is pleased to confirm a partnership with TrueLayer in order to access Open Banking data in Australia.
Open Banking in Australia is enabled by the Consumer Data Right (CDR) that permits secure API-first data sharing between banking institutions and accredited Fintech firms of a consumer’s banking data with the “full permission and consent of the consumer.”
For consumers, this reportedly “saves time, money and hassle by allowing technology to build a unified and insightful picture of their finances conveniently accessible in one place.”
Douugh’s Founder and CEO Andy Taylor stated:
“For our customers to lead financially healthier lives, and for our banking super app to be their financial control centre, the whole financial picture needs to be available in one place, in real time, with all the right information. And technology should do that work, not the customer. That’s why we have chosen to work with TrueLayer to access consented open banking data under the Consumer Data Right in Australia. TrueLayer is a global open banking leader with technical capability and support right here in Australia and we’re delighted to be working with a world-class partner.”
A CDR Representative, TrueLayer’s CEO for Australia & New Zealand, Brenton Charnley, said:
“CDR Representative is one of the most exciting access pathways to open banking data in Australia. At TrueLayer, we love working with Australian fintechs who have a global presence and expansion plans because our single unified data API means we can support our Australian clients both locally and globally. By extension, TrueLayer can provide more services internationally with only local integration as it’s the same tech stack and support environment.”
Both parties said that they are now looking forward to a long-term partnership as Douugh launches in Australia and “explores expanding to additional international locations in the future, following its recently announced partnership with Railsbank.”
Under the terms of the 3 year agreement, Douugh will pay a fixed monthly fee “for each CDR-connected bank account per active customer.”
TrueLayer will be Douugh’s CDR Principal and will use its data APIs “to collect CDR data on behalf of Douugh, so that Douugh can provide personal financial management services to its Australian customers via its banking super app. ” This technical capability is “therefore critical for the operational functionality of the super app in Australia.”
As per previous guidance, the company “anticipates launching the Douugh offering in Australia in 2022.”