Frollo & EML launch Nuapay – a revolution in Open Banking

Frollo is excited to announce their partnership with EML, a global leader in payments technology, to launch Nuapay – a revolution in Open Banking.

They have combined forces with EML to help lenders and FinTechs access the latest in payments, PFM and Open Banking technology through a new digital wallet product.

Clients can choose between a no-code (white label app), low-code (SDKs) and fully customisable API solution to get access to features like:

  • Instant cash: Using Open Banking data and virtual prepaid cards, the process to approve and disburse a loan is reduced from days to just minutes, eliminating costly and highly manual human-led checks with traditional providers.
  • Money management: A market-leading banking app, including personal finance management features.
  • Emergency buffer: The ability to quickly go back and turn a transaction into an instalment loan.
  • Spend controls: Using AI transaction categorisation to control spend in real-time and place budget caps for specific money buckets.

Learn more here.

The open banking era: why the customer will be the major beneficiary

Open banking has the potential to drive greater financial transparency and presents an opportunity to create better banking products. Here’s a view on why the guiding principles of open banking are instructive for businesses looking to step up their offerings.

The past 12 months have seen a confluence of events that caused purse strings to tighten and people to rethink how they handle their finances. While mass migration to digital platforms has changed the way consumers interact with their finances.

Collectively these events have led to a shifting of gears in the financial world. Greater transparency and a frictionless customer journey have become priorities for both consumers and businesses.

It was these considerations that were integral to the arrival of open banking in Australia last year. This open banking system allows customers to share their personal financial information through API’s with third-party providers. These providers then have direct access to customer’s account information, providing opportunities for new products to be built that cater to changing customer needs.

Looking into the near future, the reimagination of financial products and services will likely centre on putting consumers squarely at the heart of the experience. Key to this will be the individual consumer’s right to choose how they use their financial data.

In February, the Big Four banks across Australia began to share transaction data with a growing list of accredited providers. And customers will be able to share their data with third-party FinTech platforms of their choosing.

This is a timely development as many consumers introduce budgetary measures and focus closely on their finances in the wake of the economic pressures of 2020.

Accordingly, new mortgage lending apps, spending apps that manage split bills, and investment apps are emerging to help people with these challenges.

One example is the financial service app Frollo, an Australian-owned app that helps consumers track and manage their money through open banking. Frollo, incidentally, was the first FinTech in Australia to become an Accredited Data Recipient under open banking regulations1 .

Others are following Frollo’s lead in developing platforms that empower consumers. New Zealand-founded investment app Sharesies (launching in Australia this year), aims to give its users the power to run and manage their own investments. Solutions such as these are a catalyst for the wider exploration of trading and investment opportunities.

It all makes good sense too – helping consumers throughout uncertain times is a well-trodden path in building brand loyalty.

Putting the customer first

Let’s return to the key principle of open banking: empowering the end-user and giving them the smoothest, most transparent customer experience.

With transparency in mind, it is paramount that businesses make the effort to communicate these consumer-centric features to customers in a way that clearly highlights their value. If consumers get frustrated or don’t trust the system, they can abandon their efforts to learn what these changes will mean for them, and won’t implement them on their own.

Accordingly, education around advantages and safety will prepare most consumers for an experience that provides day-to-day convenience, much as open banking is set to do.

Such frictionless experiences that zero in on the customer are well understood at Facebook. Services like Messenger, for example, provide a direct connection between business and consumers which not only humanises brands but allows the business to provide support and education when needed.

Customer-centricity shouldn’t just be considered a philosophy to get ahead either. It’s also worth considering what’s at stake by providing a sub-par experience in a world of increasingly digitally-savvy consumers.

Resources like the Zero Friction Solutions Guide help businesses understand the full impact of friction and how to transform the way they create seamless human experiences. As financial services businesses continue to embrace trends like these and develop products around them, consumers will ultimately become more engaged and ‘sticky’.

That’s why open banking is a welcome development. At heart, it is another step to meet the growing expectations consumers have for frictionless and personalised experiences.

Adhering to a customer-centric view – a core tenet of open banking – means developing products that solve consumers’ problems efficiently, or partnering with those who already have them. And we’re sure to soon see more of this from the industry’s genuine visionaries.

By Nick Tubb, Head of Financial Services, Facebook ANZ

 

Sources:

  1. Frollo, frollo.com.au/open-banking/frollo-first-fintech-to-become-adr, Frollo announced as the first FinTech to become an Accredited Data Recipient; published 05/2020.

Access to more than 50 banks and lenders with just 1 call…

KG2 partners with Valiant Finance to support Australian Farmers

KG2 – Australia’s largest independent farmer database will offer Australian farmers on its database, referrals to business lending specialist Valiant Finance. This will enable farmers to find the right farm loan solution to run and grow their farming enterprises. 

Farmers are busy people… The integration of Valiant’s proprietary platform with KG2’s farmer database will enable the farmers to obtain a quote or a callback and book an appointment with a Valiant Business Finance Specialist at a time that suits them. 

Valiant Business Finance Specialists will help farmers navigate the options available to get the right farm loan at the best rate.  Valiant’s business lending platform manages the end-to-end process from enquiry to settlement.

KG2 has been talking to farmers for over 20 years and understands that banking interest charges are a major cost in running the farm. Last financial year national farm debt totalled $87 billion, growing by $12.7 billion in the previous 12 months, if KG2 can save farmers even 0.5% on average that would be a significant win for the Australian farmers.

”KG2 can now present farmers the opportunity to access a full range of financial products, at rates they might not otherwise be exposed to.” Andrew Negline, KG2 Commercial Director

 “Valiant’s goal is to become the only place for business finance, in the process helping as many Australian businesses as possible,” says Paul Barker, Director of Strategic Partnerships at Valiant. “Partnering with KG2 opens up a large, underserviced sector of Australian businesses where we can really add value to a farmer’s business and save them valuable time”

Valiant has helped to fund more than $750 million in lending for its customers since 2015.

For further information please contact:

KG2 – Adam McNeill, amcneill@kg2.com.au

Valiant – Andreas Polizois, andreas.polizois@valiant.finance

FSS and Zwipe to offer Next-Generation Contactless Cards Globally

FSS (Financial Software and Systems),  a leading global provider of integrated payment products and a payment processor, is to collaborate with Zwipe to bring next-generation contactless payment cards to issuers globally.  Zwipe is a payment FinTech recognized for having pioneered the development of biometric payments and has delivered many successful pilots around the world.

FSS is among the leading providers of card issuance products globally and its card portfolio consists of 800 plus million payment cards for Tier One banks and payment processors. The organisations will be working together closely, offering greater value to customers by combining FSS’s Unified Issuance Platform and Zwipe Pay One biometric card capabilities,  supported by Zwipe’s fast-growing global network of card manufacturing partners.  

The widespread adoption of contactless payment cards has been a huge success in recent  years1. The Covid-19 pandemic has accelerated the use of contactless payments even further as consumers demand a safe, contact-free transacting environment. However, the lack of cardholder authentication with contactless cards translates into usage is restricted to relatively small and medium value payments, hampering the ability to deliver a fully contact-free experience for all payment values. The response to this is the biometric payment card that fully enables contact-free transactions while boosting confidence and security for consumers, retailers and issuers.

Commenting on the partnership K Srinivasan, Chief Operating Officer, FSS PayTech, said  “Biometric payment cards will bring strong differentiation and value uplift to our card issuance and management offerings. Our collaboration with Zwipe will help our issuer clients to deliver a completely touchless and PIN-free check out experience, better in-store payments hygiene and much stronger cardholder security. Needless to say, now more than ever,  innovation can play a critical role within the context of the global pandemic which makes it even more important to bring solutions such as this quickly to our customers. Zwipe Pay ONE  is recognized as the most advanced (Gen3) biometric payment technology and complements  FSS’ innovative card portfolio. It will be made available to our clients for piloting and deployment from H2 2021”.

As part of this collaboration, FSS will offer Zwipe Pay ONE biometric payment cards globally.  The initial focus will be in those markets where contactless is bringing considerable benefits in the area of financial inclusion as seen in Canada, India and a number of countries within  Europe, the Middle East (GCC countries) and Africa. Both partners will start engaging with issuers from Q2 2021 and aim for starting pilots from 2H 2021.  

“We are humbled and proud to partner with FSS, one of the most respected and global providers of payment services. This is a landmark alliance for Zwipe and will significantly accelerate our growth globally, most notably in Asia, the world’s largest payment market,”  said André Løvestam, CEO of Zwipe.

About FSS 

Financial Software and Systems (FSS) is a leader in payments technology and transaction processing.  The company offers an integrated portfolio of software products, hosted payment services and software solutions built over 30+ years of experience. FSS, end-to-end payments products suite,  powers retail delivery channels including ATM, POS, Internet and Mobile as well as critical back-end functions including cards management, reconciliation, settlement, merchant management and device monitoring. Headquartered in Chennai, India, FSS services leading global banks, financial institutions,  processors, central regulators and governments across North America, UK, Europe, ME, Africa, and  APAC and has 2,500 experts on board. For more information visit www.fsstech.com 

About Zwipe 

Zwipe is pioneering the next generation contactless payments experience, providing biometric payment cards components and wearables technology that enable consumers to authorize transactions with their fingerprints without compromising their privacy. Together with an ecosystem of partners including global brands within digital security and financial services, Zwipe is “Making  Convenience Safe & Secure” for banks, merchants and consumers. Zwipe’s solutions address the hygiene and data theft pitfalls inherent in traditional authentication methods. Headquartered in Oslo,  Norway, with a global presence, Zwipe is leading the next great shift in payments from contactless to contact-free. To learn more, visit www.zwipe.com 

Media Contacts: 

André Løvestam, CEO /info@zwipe.com/ +47 991 66 135  

Rajalekshme. R /rajalekshmer@fss.co.in/ +91 95 0008 8290

Tyro to acquire Medipass Solutions

Medipass Solutions announces acquisition by leading Australian fintech, Tyro Payments.

Medipass Solutions today announced it has been acquired by leading Australian fintech Tyro Payments. Medipass will merge with Tyro’s health practice to create Australia’s leading healthcare payments platform.

Medipass Chief Executive Officer, Jonathan Davey, said, “this merger will create the new global benchmark in simple, transparent healthcare claims and payments.”

“Combining Medipass’ digital healthcare payment and claiming solution with Tyro’s leading healthcare terminal business will deliver a unified offering and a world-class experience. Patients, practitioners, health funds and statutory payers will be connected in one simple and secure platform. The combined business will provide an integrated claim and pay solution to all health practitioners and bring much needed transparency and simplicity to the A$130bn in payments and claims that are made every year.”

Medipass was founded in 2016 and enables healthcare providers to quickly get paid from a range of insurers, including Medicare, private health insurers, Insurance & Care (icare) NSW, Department of Veterans’ Affairs and more. The solution integrates into 17 cloud-based practice management and booking systems. Medipass has grown significantly over the last 4 years, driving change and the adoption of digital solutions to healthcare providers and creating administrative efficiencies. This growth was further accelerated with the rapid change in healthcare delivery models in the last year.

Tyro’s health business provides terminal claiming for Private Health Insurance and Medicare as well as payment services. Tyro has been working with the health sector for over a decade and integrates with 39 Practice Management Software systems across General Practice, Allied Health, Dental, Pharmacy and Specialists.

For an entirely digital experience, Medipass offers solutions that require no hardware or terminals, but healthcare providers and ultimately their patients want solutions that cater to all situations including where they want to tap, swipe or insert a card. The unified Tyro and Medipass proposition will deliver the strength of Tyro’s existing terminal solution, including its customer base and software integrations, with the leading digital claiming technology, customer base and software integrations of Medipass.

As the healthcare ecosystem moves towards a digital future, we believe that a combined Tyro and Medipass payments offering will cater for both traditional in-practice and emerging ways that healthcare is being delivered, including telehealth and in-home, and the operational processes built around them.

Jonathan Davey will lead the merged entity with Medipass Executives Pete Williams and Adrian Perillo assuming critical leadership roles.

Tyro CEO, Robbie Cook, said, “we are excited about the opportunity to work with Medipass, and ultimately to leverage the experience and capability of both companies to develop solutions that create efficiencies across the entire health care system. The Medipass team has built a solution unmatched in its capability, with a strong focus on customer service, which is critical as healthcare businesses make the shift to digital. Coupled with Tyro’s leading terminal solution, we have a unified proposition that will meet all of a healthcare provider’s payment needs, now and well into the future”.

About Medipass

Medipass is an Australian health fintech, based in Melbourne. The company was established on the belief that a better health system demands better ways to connect and pay. Medipass builds digital health-grade payment solutions, connecting patients, practitioners and payers in ways that drive efficiency and better care experiences.

Medipass has grown to be Australia’s leading digital health payments platform. For healthcare providers and partners, Medipass offers more digital claiming options than any other platform, including government funders, private health insurers and direct gap payments. With deep industry partner integrations and strong investment in integrating third-party systems used by providers to make digital claiming a native and streamlined process, Medipass is closely aligned to healthcare provider workflows.

About Tyro

Tyro is a technology-focused and values-driven company providing Australian businesses with payment solutions and value-adding business banking products. The company provides simple, flexible and reliable payment solutions as a merchant acquirer, along with complimentary business banking products.

For the more than 36,700 Australian merchants who chose to partner with Tyro on 31 December 2020, the company processed more than $20.1 billion in transaction value in FY20 and a record $12.1 billion in H1 FY21. In FY20 the company generated $93.5 million in gross profit (H1 FY21 $61.2 million), originated $60.1 million in loans (H1 FY21: $2.6 million) and held merchant deposits totalling $50.5 million (H1 FY21: $104.0 million).

Tyro is Australia’s fifth largest merchant acquiring bank by a number of terminals in the market, behind the four major banks.

The business was founded in 2003 with the goal of being the most efficient acquirer of electronic payments in Australia. Tyro has a track record of innovation, creating purpose-built solutions and being first to market. This approach saw the company become the first technology company to receive an Australian specialist credit card institution licence in 2005. In 2015 that licence was replaced by the award of an Australian banking licence, making Tyro the first new domestic banking licensee in over a decade.

Payments are at the core of Tyro’s business, using its proprietary core technology platform to enable credit and debit card acquiring. This offering is enhanced by features purpose-designed for those merchants who choose to partner with the company, including Point of Sale systems integrations, least-cost routing (Tap & Save) and alternative payment types such as integrated Alipay. While traditionally focused on in-store payments, Tyro has recently expanded into eCommerce.

Further, Tyro provides value-adding solutions to its partners, such as loans in the form of merchant cash advances and fee-free, interest-bearing merchant transaction accounts.

Tyro has a team of more than 500 people, approximately half of whom are in technology roles.

For media enquiries, please contact:

Jonathan Davey

Medipass CEO

email: media@medipass.io

FinSS Global extends its partnership with Salt Edge Inc to introduce to Australia their CDR Compliance Solution for the small to medium Banking Sector.

Australia is at the forefront of giving consumers greater control over their financial data via the Consumer Data Right (CDR) and the Government is committed to the financial sector being the first to adopt these sweeping changes, all institutions encouraged to become CDR compliant in 2021. That is why FinSS Global and Salt Edge are aiming to help the smaller banks, credit unions, building societies, Neobanks and Fintechs, follow strict regulations while protecting customers’ data and privacy under open banking, through Salt Edge’s CDR Compliance Solution.

With phase two of the regulatory adoption quickly approaching, technology solutions start-up FinSS Global has extended its partnership with Salt Edge Inc, an ISO 27001 compliant leader in developing open banking solutions, to enable the smaller Australian financial institutions wanting to become Data Holders, to meet all the strict CDR requirements within 1-2 months. 

The CDR Compliance Solution is essentially Data Holder “compliance in a box”. It has everything you need to be CDR compliant and is a holistic approach made up of components and configuration items such as an API for sharing consumer data together with a sandbox for ADRs’ testing, a Consent Management API to assure end-customers full visibility and control over their granted contents, a dashboard for the data holder to have full control and access to insightful statistics, an ADR Developer Portal for seamless integration and interaction with the organisation’s channel, a Multi-factor authentication solution for end-customers security, ADR verification, and much more. 

The solution is based on a SaaS model which makes it secure, easily deployable and reduces the amount of technical implementation and skills required from Data Holders. Salt Edge handles all the maintenance, regular updates according to new changes in the Consumer Data Standard (CDS) requirements, and even assists with passing the Conformance Test Suite (CTS) process. 

Open banking represents just the first phase of Australia’s strategy in making the sharing of any kind of customer data easier. That is why the CDR Compliance Solution is flexible and can be tailored so that it fits any industry or business case requirement, including the potential addition of payment initiation possibilities in the future. 

“We partnered with Salt Edge in 2020 because we believed their experience with PSD2 in the UK and Europe and some of their solutions could be of significant benefit to the smaller Australia Financial Institutions looking to participate in the emerging CDR Ecosystem. This resulted in us working closely with Salt Edge to adapt their SaaS-based “compliance in a box” solution for the small to medium banking domain and launch the CDR Compliance Solution for Australia. We are excited to be working with Salt Edge and speaking with our target market and potentially their Service Providers, about a quick solution to becoming a compliant Australian Data Holder in the emerging CDR Ecosystem.” commented Dallas Newton, CEO and Co-Founder at FinSS Global.

“While helping businesses across the globe to set their strategy in leveraging Open Banking, we understood that all of it might often seem like a regulatory and technological burden for institutions. That is why together with FinSS Global, we are committed to guiding Australian financial institutions towards a seamless CDR compliance journey,” commented Lisa Gutu, Head of Business at Salt Edge. 

About FinSS Global

Fintech Solutions and Services (Global) Pty Ltd (FinSS Global) – established in Melbourne, Australia in 2019, as an organisation focused on Data Compliance, Debt/Collection Management, Banking Solutions, including Open Banking (CDR) Enablement, and Digital Transformation. Our target market is the small to medium Australian Authorised Deposit-taking Institutions (ADIs), Lenders/Credit Providers, Neobanks and emerging Fintechs. We offer our own leading-edge (digital) solutions and expertise, as well as solutions and capabilities from key like-minded Strategic Partners, such as Salt Edge Inc and Railz Inc, to cost-effectively meet the needs of our target market.

More information: www.finssglobal.com

Phone number: +61 3 9005 1030

Email: info@finssglobal.com

About Salt Edge

Salt Edge – a financial API platform with PSD2 and open banking solutions. The company has two main vectors of activity: enabling third parties to get access to bank channels via a unified gateway and developing the technology necessary for banks to become compliant with the directive’s requirements. ISO 27001 certified and AISP licensed under PSD2, the company employs the highest international security measures to ensure stable and reliable connections between financial institutions and their customers. The company is integrated with 5000+ financial institutions in 50+ countries.

More information: www.saltedge.com 

Phone number: +1-437-886-3969

Email: press@saltedge.com

FinTech Australia is proud to announce the 2021 Finnies finalists

Recognising and rewarding the Australian FinTech community by honouring innovation, growth and collaboration.

 

We are thrilled to announce the finalists for this year’s Finnies along with the Victorian Government as presenting partner.

We received 290 incredible award entries across 20 categories. Thank you to everyone that took the time to enter.

FinTech Australia CEO, Rebecca Schot-Guppy, and the FinTech Australia Board were faced with the incredibly difficult task of arriving at the finalists. The category winners will be announced in-person this year on 9 June, 2021 at The Forum, Melbourne. Tickets will go on sale next week.

“We are thrilled with the quality of applications and the finalists, a testament of the growth, and strength of the fintech ecosystem. We are excited to celebrate the hard fought achievements of the ecosystem at this year’s Finnies” said FinTech Australia CEO, Rebecca Schot-Guppy.

This year we bring back the People’s Choice Awards for Emerging Organisation and Organisation of the Year. Voting will begin in two weeks. We celebrate our inaugural Hall of Fame inductees to commemorate two companies that have made a lasting impression on the Australian fintech industry’s overall development.

FINNIES 2021 FINALISTS

People, Culture and Talent

BEST WORKPLACE DIVERSITY, Sponsored by Tanggram
Adatree
Bizcap
Brighte
CampaignAgent
Fupay
loans.com.au
TRAction

EMERGING FINTECH LEADER OF THE YEAR, Sponsored by GoCardless
Alex Harper, Swyftx
Belinda Hogan – 86 400
Ivan Tchourilov, OpenMarkets Group
Jessica Joyce, Fupay
Jill Berry, Adatree
Patrick Coghlan, CreditorWatch
Rhys Davis, Fresh Equities
Stephanie Gillon, Flare

FEMALE FINTECH LEADER OF THE YEAR, Sponsored by Seed Space
Carolyn Breeze, GoCardless
Jessica Joyce, Fupay
Jill Berry, Adatree
Joanne Edwards, WISR
Jodi Stanton, Rush Gold
Naby Mariyam, Coverhero
Natalie Dinsdale, Athena Home Loans
Simone Joyce, Paypa Plane

OUTSTANDING FINTECH LEADER OF THE YEAR, Sponsored by BDO
Alex Harper, Swyftx
Ben Williamson, Fresh Equities
Carolyn Breeze, GoCardless
Christian Westerlind Wigstrom, Moonova
Clayton Howes, MoneyMe Group
John Winters, Superhero
Katherine McConnell, Brighte
Simone Joyce, Paypa Plane

 

Growth Mindset and Global Perspective

EXCELLENCE IN ESTABLISHING MARKET PRESENCE: GLOBAL, Sponsored by Tanggram
Openpay Group Limited
Rush Gold
Verrency
Wallet of Satoshi

EXCELLENCE IN INDUSTRY COLLABORATIONS & PARTNERSHIPS, Sponsored by Xero
Fillr
Flare
Fupay
Look Who’s Charging
MoneyMe Perks – Freestyle virtual Mastercard & Cashrewards
CampaignAgent
Rush Gold Bullion Mastercard by Rush Gold and EML Payments
Sniip partners with American Express and Apple Pay

 

Excellence in Business

EXCELLENCE IN BUSINESS LENDING, Sponsored by Creditor Watch
Banjo Loans
Business Fuel
Butn
GetCapital
Prospa
OnDeck Australia
Radium Capital
Valiant Finance

EXCELLENCE IN CONSUMER LENDING, Sponsored by Vic Gov
Athena Home Loans
Brighte
Fupay
loans.com.au
MoneyMe Ltd
Tic:Toc
Wisr
86 400 smartbank

EXCELLENCE IN PAYMENTS (including Remittance/FX), Sponsored by Paypa Plane
DiviPay
GoCardless
Medipass
Monoova
Split Payments
Verrency
Wise
Zip

EXCELLENCE IN BLOCKCHAIN/DISTRIBUTED LEDGER, Sponsored by Swyftx
AgUnity Pty Ltd
BOULEVARD Global Ltd.
CommChain Pty Ltd
Hutly
Meeco
Oxen
Pellar Technology
RelayPay

EXCELLENCE IN CRYPTO AND DIGITAL CURRENCIES/WALLETS/EXCHANGES, Sponsored by Stone & Chalk
Binance Australia
Cointree
Dacxi Australia
e-Pocket Pty Ltd
Elbaite
Independent Reserve
Swyftx
Wallet of Satoshi

EXCELLENCE IN INSURTECH, Sponsored by IAG
Coverhero
Digital Agriculture Services (DAS)
FreightSafe
Open Insurance
uBind
UpSure – Innovators Insured

EXCELLENCE IN REGTECH, Sponsored by OneTrust
Adatree
Arctic Intelligence
ComplyAdvantage
Fenergo
FrankieOne
LAB Group
TRAction

EXCELLENCE IN WEALTH MANAGEMENT (INCLUDING PFM AND ROBO), Sponsored by Ausiex
Fresh Equities
Frollo – PFM platform
Fupay
myprosperity
Raiz Invest
Sharesight
Superhero
Stockspot

EXCELLENCE IN OPEN DATA, Sponsored by Truelayer
Adatree
Basiq
Biza.io Platform:
Envestnet | Yodlee
Frollo

EXCELLENCE IN SUPPORT SERVICES, Sponsored by Data Action
CreditorWatch Online Credit Risk Services
eftpos Payments Australia Limited
King & Wood Mallesons
K&L Gates
Startupbootcamp Australia 2020 Program
Stone & Chalk
The Fold Legal
UK Department for International Trade

Organisational Excellence Awards

DEAL OF THE YEAR, Sponsored by YBF Ventures
NextGen.Net & Frollo
Quadpay & Zip
Rakuten Inc. & Fillr
Wirecard Australia and New Zealand & Change Financial
86 400 & National Australia Bank Limited (NAB)

BEST PARTNERSHIP OF THE YEAR, Sponsored by Firstmac
Adatree and Verifier
Athena Home Loans and PwC Australia
BOQ and Frollo
CreditorWatch and Open Analytics Partnership
Rush Gold and EML Payments
SISS Data Services and Intuit QuickBooks
Superhero and Split
Valiant Finance and Australia Post

EMERGING FINTECH ORGANISATION OF THE YEAR, Sponsored by Mastercard
Adatree
Beforepay
Brickfloor
FrankieOne
OpenMarkets Group
Superhero
WeMoney
86 400 smartbank

FINTECH ORGANISATION OF THE YEAR, Sponsored by Vocus
Athena Home Loans
Fresh Equities
Monoova
Prospa
Tic:Toc
Up
Verrency
Wisr

ANZ partners with Frollo for access to Open Banking data

Today is a big day for Frollo, as we’re finally able to announce we have signed ANZ as a client for our Open Banking platform. ANZ will use Frollo’s CDR Gateway to receive consumers’ financial data from other Data Holders as part of its active participation in the CDR ecosystem as a Data Recipient.

Our Open Banking platform helps businesses fast track the process of becoming an Accredited Data Recipient (ADR) and use Open Banking data to deliver compelling customer propositions in lending, PFM and other areas. With over 7 Million Open Banking API calls to date, the platform is responsible for over 95% of Open Banking activity thus far in Australia. This has enabled us to learn from real-world experience and build a reliable, highly configurable and complete solution for B2B clients.

Frollo founder and CEO Gareth Gumbley about the partnership with ANZ:

“We’re proud to be supporting ANZ on their Open Banking journey. We’ve worked closely with them over the past 18 months on the Data Holder side, testing the ecosystem and improving reliability. It speaks to the maturity of our platform and the expertise of our team that ANZ has decided to engage Frollo and use our CDR Gateway.

As one of Australia’s biggest banks, ANZ is in a great position to leverage the opportunities the Consumer Data Right offers as a Data Recipient. Our platform offers them the flexibility to build a range of potential customer solutions with the most mature access to Open Banking data.“

ANZ Open Banking lead Richard Hough on the partnership with Frollo:

“We’re happy to be working with Frollo as a partner. We have chosen to work with Frollo because of their experience with Open Banking, and proven accreditation and experience as a Data Recipient platform with the ACCC. We have worked with them in partnership through the go-live testing process and established a trusted relationship. It’s early days for us and we’re looking forward to engaging with consumers on this important initiative.”

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:

Canstar launches their first personal finance management (pfm) app, powered by Frollo.

Canstar, Australia’s biggest comparison site has today announced their partnership with Frollo, to launch their first PFM app.

Canstar uses the Frollo PFM platform to provide its customers with a market-leading mobile financial wellbeing tool. Users of the Canstar app will benefit from AI-powered insights on their spending, plus the ability to track bills, create a budget and set personal goals and challenges.

The synergy between our PFM and Canstar’s product comparison platform means customers can be presented with actionable solutions based on the insights, such as showing the impact on their savings goal from switching to other products and timely offers.

The partnership has enabled Canstar to rapidly launch an app to market and to start learning from user feedback on the customer experience before adding Open Banking functionality.

The Canstar PFM app

Commenting on the partnership and the launch of Canstar’s first app, the company’s Group Executive, Digital and Marketing, Sara Tweedly said, “Helping our customers in every way we can to make better money decisions is the driving force behind the launch of our app.”

“We already have tools that enable customers to check their credit score and to see if they are likely to qualify for a product, so the ability to see all their banking in one place is a great addition. We are thrilled to now be working with Frollo and excited about the opportunities this first foray into PFM solutions signals for Canstar customers.”

“Operating a dual-sided marketplace with one of the biggest financial product databases in the country, we have the tech and capability to produce really meaningful data-driven insights and action for our customers.

“Canstar has over 700 brands on the site across more than 35 finance categories, meaning we are well-positioned with relevant offers from our partners to help our customers find the right product at the right time.

“All of this is just the beginning of our journey to merge managing your personal finances with the comparison service. The PFM space and the partnership with Frollo is an important step for Canstar. Imagine a world where we are able to rely on real-time banking data from customers to help to identify where they are paying too much and could save money by switching and the means to make the move. This will be the ultimate personal finance management solution.”

With more than 2 million Australians** visiting the Canstar websites each month, the comparison platform presents a big opportunity for the future of Open Banking, says Frollo.

Frollo founder and CEO Gareth Gumbley said, “Canstar is a name and brand we trust; the team are innovators with an incredible platform and extensive audience reach. We’re excited Canstar has chosen to take the financial comparison to the next level with Frollo’s personal finance management platform.”

“The possibility of what we can achieve together stems from our brands’ shared mission to improve people’s financial wellbeing. Linking PFM with a sizeable comparison service means Australians will have the best of both worlds being the ability to understand their financial wellbeing and the means to improve it.

“There is so much more to explore in the comparison space and with Open Banking becoming more relevant to consumers we’re looking forward to the opportunity of working further with Canstar.”

Member Spotlight: Binance

2021 has been an extraordinary year for the cryptocurrency market; with coins like Bitcoin, Ethereum and Binance coin all reaching record prices that have not been seen before. Decentralised finance, also known as DeFi, has seen record highs with the US dollar value of Ethereum locked in DeFi contracts being around $40 billion as of March 2021. This dollar amount has grown from $674 million since January 2020. Central Bank Digital Currencies (‘CBDCs’) have also seen increased attention as the world economy reels from the effects of the pandemic.

For this week’s Member Spotlight, we caught up with Jeff Yew, CEO of Binance Australia to chat about his views on the recent explosion of DeFi and CBDCs, as well as the trajectory of Binance and its recent fully fledged entry into the Australian market.

“The progression of cryptocurrency and digital assets is inevitable as the world continues to progress digitally,” says Jeff. “Most of the world’s money is already digital, but they come in different forms: some government backed, some backed by other assets like gold. Bitcoin and cryptocurrencies have a very important difference because they are open-source and transparent. They are the freest and most censorship resistant form of digital money that the world has ever seen. That itself gives digital currencies like Bitcoin a unique advantage against other government-backed digital money, like CBDCs. Each having their own pros and cons, but the difference now is that people get to choose what’s best for them.”

CBDCs are digital currencies that are backed and issued by a country’s central bank. An increased interest from the retail market, paired with the economic pressures of the COVID- 19 pandemic has prompted Central Banks all over the globe to consider the implementation of Central Bank Digital Currencies. In a September 2020 paper, the Australian Reserve Bank concluded that while there does not seem to currently be a strong public policy case for the issuance of a CBDC in Australia, the RBA will closely watch the experience of other jurisdictions that are considering the implementation of CBDCs. The RBA also announced a partnership with CBA, NAB, Perpetual and ConsenSys on a wholesale Central Bank Digital Currency Research Project in November 2020 with further research released in the RBA’s Payments System Board Update in February 2021. If you’re interested in reading more about CBDCs, we’ve covered the topic in more detail in a previous Member Spotlight.

 

The Advent of Decentralised Finance

2021 has also been a huge year for DeFi, no doubt prompted by current world events. DeFi is crypto’s answer to traditional financing and lending products, allowing the lending of assets without a middleman.

Most DeFi applications are built on top of Ethereum and Binance Smart Chain with DeFi covering areas such as decentralised exchanges, stablecoins, lending and financing, wrapping crypto-assets to allow for interoperability between crypto such as bitcoin and DeFi, and betting markets.

Lending is by far the most popular use case for DeFi, allowing users to borrow cryptocurrencies, or lend their own to others. Users that lend their cryptocurrency earn interest, and users that borrow cryptocurrency must post collateral. The significant difference between DeFi and traditional lending is that DeFi doesn’t require Know Your Customer checks. This risk,as well as other risks such as market volatility, is often countered by an overcollateralization when borrowing, as is the case in platforms such as Maker DAO.

DeFi lending could not exist without stablecoins, which are cryptocurrency alternatives to traditional fiat currencies. Stablecoins peg their value to a fiat currency, such as the US Dollar, and act as a stable asset to transact with.

Jeff noted that, “Bitcoin is often likened to Gold in that it is a strong store of value but potentially lacking as a means of facilitating regular transactions. For DeFi to function properly, the community needs a way to price products and services that is recognised by everyone and isn’t fluctuating the way Bitcoin might. That’s where stablecoins come in. And equally importantly, the community must continue to work together with regulators to ensure the advent of blockchain and crypto hold benefit for all involved.”

Many users are attracted to the DeFi market due to Yield Farming. Yield Farming is similar to staking, except Yield Farming does not facilitate a consensus mechanism. Instead, it serves as an economic incentive for users to fund a liquidity pool. A liquidity pool is the pool of funds within a DeFi platform that enables the movement of cryptocurrency within a DeFi platform. Upon committing crypto to a liquidity pool, those users are often rewarded with that platform’s governance token, which can be used either within the platform (often to cast votes in its governance mechanism) or sold on the open market. Think of it as a form of interest generated as a result of your deposit into the liquidity pool. These tokens that are granted to users generally only carry a speculative value, but some, such as Uniswap, have gained significant value. While the current boom is reminiscent of the Initial Coin Offering (ICO) craze in 2017, a considerable difference between ICOs and DeFi, apart from the far more mature ecosystem and market, is that ICOs were typically sold on the basis of nothing more than a whitepaper; a promise, while DeFi projects are generally live and functioning systems.

“We’ve seen in a short period of time DeFi open up a range of alternative opportunities for those interested in the space to not just grow the value of their money, but also contribute to the development of DeFi and crypto in a meaningful way”, says Jeff.

 Binance Australia is at the forefront of all things crypto, being a considerable supporter of the DeFi space, particularly in a COVID-19 impacted economy.

 “We’re seeing an increasing number of members of the crypto community look to DeFi opportunities as a way to sustain themselves financially which is fantastic because these opportunities were non-existent five years ago. And in a time where employment, high-interest accounts and traditional income streams have been difficult to come by, it has really highlighted the value DeFi potentially offers. At Binance Australia we are committed to grow the level of education available to the public as well as working with regulators on an ongoing basis to facilitate the growth of crypto in all its facets in Australia.”

COVID-19 has not only been a catalyst for crypto-market growth, but also for how a business pivots in a new digital age. Binance Australia has had an established presence in Australia since early 2019 in the form of Binance Lite Australia and have been actively engaging in local communities through meetups, panels and events. However, COVID-19 forced the Binance mid-2020 launch to become more digitally focused. “Staying close with our users is a challenge in times like these. We’ve switched physical meetups to virtual ones and hosted more regular AMAs throughout our online channels than we did before. But the good thing is that we’ve been able to engage with our users and community more,” said Jeff. “We have a lot of activity planned in the Australian market, including a series of free online courses to help guide beginners into the crypto space safely, and also more advanced content for veteran traders and startups looking to build cool applications within the ecosystem.”

Jeff wrapped up with an update on how Binance is doing in Australia, “We’ve recently revealed our Australian centric homepage, based on the great feedback we have received from our community. The new homepage is beginner-friendly and features quicker access to the features our users love. Be sure to check that out at binance.com/en-AU.”

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