Open banking enabler Frollo is targeting the home buyer market with a new service for mortgage brokers. The service features an expedited way to verify financial data while adhering to the Open Banking and the Government-regulated Consumer Data Right (CDR) framework, enacted in Australia.
Frollo states that it is already seeing solid results with its services being utilized by Connective, Finsure and Mortgage Choice, and banks CBA and Westpac Group. The open banking solution is now available to all brokers.
The open banking service aims to significantly reduce the time and effort required to capture and utilize data, while providing a more secure and reliable service in real-time. This results in faster and more efficient loan approvals.
Renee Blethyn, Head of Broker Partnerships, NextGenFrollo for Brokers, says they are targeting a critical point in the mortgage process.
“We are providing brokers with the choice to use Open Banking to deliver fast, safe and more transparent experiences for their clients. They no longer have to rely on screen scraping methods to access client account statements – an approach that’s becoming increasingly obsolete as banks phase it out over security and compliance risks.”