CreditorWatch Chief Economist Harley Dale presents economic briefing at the 2021 Australian Mortgage Innovation Summit

Wednesday, 24 February 2021: CreditorWatch Chief Economist, Harley Dale, has led proceedings at today’s Australian Mortgage Innovation Summit (AMIS) with an opening keynote presentation on the state of the economy in 2021. (more…)

Link4 Tapped by Department of Industry for e-Invoicing

The Federal Department of Industry, Science, Energy and Resources is streamlining their invoice process to support Australia’s economic bounce back.

Adelaide, 24th of February, 2021
Link4 announce that another key Federal government department will be using their PEPPOL accredited access point to meet their e-Invoicing needs. Xcellerate IT and Link4 have been working together to implement e-Invoicing ahead of the government e-Invoicing mandate. (more…)

eftpos launches advisory committee to give FinTech a voice

eftpos has launched a FinTech advisory committee in collaboration with FinTech Australia, as a way of giving FinTechs a direct say in how they can access and leverage the eftpos payments network for the betterment of Australia’s digital economy. (more…)

A new model for mutual banking

This article was originally published on AB+F, an RFi Group company website.

Teachers Mutual Bank Limited CEO Steve James knows the importance of reinvention as he signals a planned initiative that will underpin a kind of hybrid bank. (more…)

TransferWise changes name to Wise after 10 years

Works towards meeting international banking needs of Aussie consumers, businesses and banks beyond money transfers

Melbourne, Australia, 22 February 2021 – TransferWise, the global technology company building the best way to move money around the world, has today announced it has changed its name to Wise. (more…)

Five FinTechs on Friday – February 19, 2021

Five exciting Fintechs this Friday includes a B2BC Personal Credit Platform and API, a platform for eliminating paper receipts, a lending platform to SME inventory-merchants, a Cloud native core banking provider and a next generation insurance company.

Check them out below!

Don’t forget to apply for the Finnies Awards 2021 and have the chance to be recognised amongst the most innovative Australian companies that are disrupting the fintech industry.

(more…)

Open Banking and Financial Data Aggregation Leader Envestnet | Yodlee Launches New Credit Accelerator Solution to Support Faster and More Accurate Lending Decisions

Envestnet | Yodlee Credit Accelerator gives a comprehensive and accurate view of a consumer’s financial position, allowing for Financial Institutions and FinTechs to meet Responsible Lending guidelines (more…)

The Open Banking implementation timeline – Frollo

The Consumer Data Right (CDR) officially launched in Australia on 1 July 2020. With banking as the first sector to go live, Open Banking is here and is a game changer for the financial sector in Australia.

Though, change at this scale doesn’t happen at the flick of a switch. Australia’s Open Banking implementation timeline currently stretches to February 2022 with a number of key milestones and a lot of upcoming work still ahead.

The Open Banking implementation timeline

The below timeline shows the milestones for implementation as currently known. Each of the implementation milestones adds new products or Data Holders sharing their data.

What’s included in the February 2021 CDR release?

As you can see in the timeline above, the February 2021 release consists of two things:

  1. Big Four Banks – Consumer Data phase 3
  2. Non- Major ADIs – Product Data phase 2

The Big Four Banks are the ‘Initial Data Holders’ and were the first to launch consumer data sharing in July 2020.

Although the Big Four have a lot of customers, the impact of Non-Major ADIs going live is not to be underestimated: there are over 100 Non-Major ADIs, with a lot of customers. The list includes banks like Suncorp, P&N Bank, Bank of Queensland and many more.

What’s the difference between CDR consumer data and product data?

CDR consumer data is data related to a specific consumer and their financial products. Depending on the type of product this can include transaction data, account balances, direct debits, payees and more.

Consumers can consent to sharing this data with accredited third parties.

CDR product data is information about the financial products a Data Holder offers, like features, rates and fees. This information is also called Product Reference Data and is publicly available to anyone via APIs.

What are CDR product phases?

The implementation timeline refers to three phases, each of which includes a number of different products.

Phase 1 includes

Savings accounts, call accounts, term deposits, current accounts, cheque accounts, debit card accounts, transaction accounts, personal basis accounts, GST or tax accounts, personal credit or charge card accounts and business credit or charge card accounts.

Phase 2 includes

Residential home loans, investment property loans, mortgage offset accounts and personal loans.

Phase 3 includes

Overdrafts (personal and business), business finance, investment loans, lines of credit (personal and business), asset finance, cash management accounts, farm management accounts, pensioner deeming accounts, retirement savings accounts, trust accounts, foreign currency accounts and consumer leases.

If you want to know exactly which products are in scope and why, read the guidance for Data Holders on the CDR website.

When in February is the CDR release happening?

There’s no one specific date on which every non-major ADI will publish their product data, and every Big Four Bank will make the additional products available for sharing.

Some Data Holders started publishing mortgage product information as early as December last year (for example P&N Bank and Credit Union SA, using Frollo’s PRD Portal).

Though it’s expected that by the end of February, most of the scope will be implemented.

Have a look at the official CDR phasing table for more details

How does this impact consumers and businesses?

Although the February 2021 release isn’t as big as the July 2020 launch, or the November 2020 release (when joint accounts became available), there are some exciting things to expect.

Product information

The availability of up to date, accurate product information for mortgages and personal loans via public APIs is an exciting prospect.

It means businesses can use information like product features, fees and rates from over 100 Data Holders to help consumers get a better deal on their finances.

As the most active data recipient using CDR data, we have noticed that banks have struggled to get all the required data into the correct format. This may mean that ADR’s that follow will need to interpret the data before using.

How the Frollo app uses product information

Frollo has been testing the use of Open Banking product information in our budgeting app over the last few months, with a number of beta features:

  1. Real time product information showing rates, fees and features for accounts linked using CDR
  2. Product comparison showing the real impact of different savings account on your finances
  3. Next best action showing users when they’ve missed their bonus interest and what they need to do to receive it going forward

Consumer data

When each of the Big Four Banks has implemented the February 2021 scope, their customers will be able to share their data for products like overdrafts, lines of credits and cash management accounts with accredited third parties.

How the Frollo app uses consumer data

In the Frollo app this means consumers will get a more complete picture of their finances, as they’re able to view more of their financial products in the app.

Frollo uses this information to help people turn around their finances by giving them a full picture of their finances, providing them with insights and the tools to take action.

The Frollo Open Banking platform

Frollo is leading the charge in Open Banking. Our market leading Open Banking platform helps businesses leverage CDR data to get ahead of the competition.

Get in touch to discuss how we can help you:

IDEMIA Announces Corporate Partnership With FinTech Australia

Sydney, Australia, 11 February 2021 – IDEMIA, the global leader in Augmented Identity, has signed a corporate partnership with Fintech Australia, a trade association that seeks to boost growth of the country’s Fintech ecosystem. (more…)

2021 Outlook by Christian Westerlind Wigstrom, CEO Monoova

It’s difficult to be original. I, too, write lists at the beginning of years with plans, expectations, and aspirations. I, too, was wrong about 2020 as the year of travel and international expansion and so many other things. But there was one thing on my list that I wasn’t wrong about: ‘there is huge opportunity in payments’. (more…)

Upcoming Events
  1. Intersekt 2021

    May 19 @ 9:00 am - May 20 @ 6:00 pm
  2. Finnies 2021

    June 9
Videos

Peoples Choice Organisation of 2020

Finnies 2020: Outstanding Fintech Leader of the Year

Scaling Product Globally

Podcasts

Lee Hatton – Afterpay: FinTech Australia Podcast

Anthony Jones – Visa AUS/NZ

Tim Cameron – TransferWise