You can now link accounts with Frollo using CDR (Consumer Data Right). The Australian government has introduced CDR as a secure way to control which businesses have access to your data. Through CDR, you can easily and safely share your financial information with Accredited Data Recipients like Frollo!
Which accounts can you link?
CDR will be rolled out in the banking sector gradually, starting with the big 4 banks and a limited number of products. As part of the managed rollout, you will initially be able to link the following products:
- bank accounts
- credit cards
- savings accounts
You won't be able to link joint accounts, loan or mortgage accounts and other products through CDR yet, those will become available later this year. These types of accounts will need to be linked through Yodlee on the current agreement.
To link your accounts using CDR follow these steps:
Step 1: Link using CDR
- Select the 'Accounts' tab
- Then tap the '+' in the top right hand corner of your screen.
- Select the Big 4 Bank you want to link using CDR
- Press 'Continue' once you've read the Open Banking info page
Step 2: Consent
- Confirm your consent period : Select either 3 months, 6 months or 12 months then press 'Next'
- Confirm what data you would like to share: Account balance and details, Transactions details then press 'Next'
- Confirm Key Dates: read through the text and press 'I Consent' at the bottom of the page
Remember you are managing your consent and can withdraw at any time.
Step 3: Connect & Confirm
- Press 'Connect' : Frollo will redirect to your bank for you to securely confirm the final details inside your banking platform.
Step 4: Hide duplicate accounts (video link)
You are now sharing the linked accounts with Yodlee and CDR, so the final step is to remove Yodlee consent.
- Select the 'Settings' menu>
- Select 'Data Sharing' >
- Select the Yodlee link for your banking provider (you will see two listed for the one provider)
- Select 'Manage Sharing Preferences' and uncheck the account you want to hide
Step 5: Link any non CDR accounts with Yodlee
- This step is only required if you have not previously linked your accounts with Frollo! Happy budgeting :-)