Frollo is launching CDR
Frollo is the only FinTech to be an Accredited Data Recipient (ADR) under Consumer Data Recipient (CDR) rules after it participated in the Open Banking trial and helped build and test the infrastructure alongside the big four banks.
The CDR gives consumers greater control over their own data, including the ability to securely share data with a trusted third party. It aims to help consumers monitor their finances, utilities and other services, and compare and switch between different offerings more easily. The system also aims to encourage innovation and competition between service providers, helping consumers to access products and services that better suit their specific needs.
What does this mean for you?
You can already securely share your financial information with Frollo, but CDR has some important benefits:
- It’s fast - Linking accounts will take a fraction of the time
- It’s up-to-date: Your transactions will be refreshed near real time
- It’s regulated: It’s an Australian government led scheme
- You’re better informed: Having better quality data in frollo will help us provide you with more relevant insights and tips
*Any issues with CDR linking follow this link
When will you get CDR?
CDR will be rolled out in the banking sector gradually, starting with the big 4 banks enabling their customers to share data from credit cards, bank accounts and savings accounts. Other products and financial institutions will follow later, according to this timeline.
Frollo is rolling out CDR account linking to big 4 customers over the next few weeks. If you want to be among the first in Australia to try CDR, join our waitlist below.