MogoPlus Chooses TrueLayer for Open Banking Data Access in Australia via Consumer Data Right

MogoPlus, the international “experts” in bank transaction data insights, will reportedly work with TrueLayer, a key player in open banking, to “access financial data using Australia’s Consumer Data Right (CDR).”

As mentioned in an update shared with CI, MogoPlus is in “the process of becoming an Accredited Data Recipient authorised by the Australian Competition and Consumer Commission (ACCC).”

TrueLayer was “accredited by the ACCC in September 2021 and became active in February 2022.” In collaboration with TrueLayer, MogoPlus will “access customer-permissioned bank data in accordance with the CDR Rules.”

MogoPlus enables enterprises “to make fully informed customer decisions through descriptive and predictive data insights.”

The global fintech offers lenders “a comprehensive suite of solutions tailored for specific credit products including home loans, credit cards, personal loans, buy now pay later, mortgage refinance, hardship assistance and business lending.”

Mike Page, MogoPlus CEO for Asia Pacific, stated:

“As a leading global fintech that specializes in credit analytics, our strategy in Australia is to offer cutting edge data insights to our bank and non-bank clients to power a new age of lending solutions. This means we need to use the CDR to collect open banking data for use in our insights and analytics engines. We are delighted to be working with the local team from TrueLayer who are a respected open banking pioneer. Our open banking data-driven insights will deliver more accurate lending decisions, quicker processing times, lower operational costs and improved customer experiences.”

CDR was launched on 1 July 2020 and continues “to grow as more providers become accredited and further use cases open up.”

There are now 16 active data recipients and 106 active data holder brands “connected in the CDR ecosystem equating to a 97.7% market share of household deposits.”

Consultation is currently underway “to decide whether to extend the regime to non-bank lending as a first step towards open finance.”

Brenton Charnley, TrueLayer CEO for Australia & New Zealand, remarked:

“CDR data sharing is rapidly approaching a tipping point. It’s incredibly exciting to see it all coming together with partners, technology, and use cases. Given their status as global experts in the use of banking transaction data for credit decisioning, onboarding MogoPlus into CDR will be a big benefit to the local lending market to access instant decisioning solutions with structured data insights as well as improving customer journeys and business efficiency.”

With both parties having a strong presence in Australia and the UK, as part of their global footprints, MogoPlus and TrueLayer “look forward to a long-term partnership facilitating API-first consented data exchange journeys, coupled with meaningful data-driven insights.”

MogoPlus is a fintech business providing data and insight solutions “to businesses requiring straight-through processing and instant decisioning outcomes.”

The MogoPlus technology powers “a new era of innovative lending and credit journeys across a range of financial services products.”

Founded in Australia, MogoPlus also operates in the UK market where it is “an Account Information Service Provider accredited by the FCA.” Their leadership team “has deep expertise and track records of business success across the technology, start-up and data markets spanning Europe, Australasia and the US.”

TrueLayer is “a global open banking platform that makes it easy for anyone to build better financial experiences.”

Businesses of every size use TrueLayer “to power their payments, access financial data, and onboard customers across the UK, Europe and Australia.”

Founded in 2016, TrueLayer is “trusted by millions of consumers and businesses around the world. Our vision is to create a financial system that works for everyone.”

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