ANZ prepares to receive data from other banks

ANZ Banking Group is preparing to become an accredited data recipient under the consumer data right (CDR) regime by agreeing to use gateway technology from fintech Frollo.

Under the partnership, ANZ will use Frollo’s consumer data right (CDR) gateway to manage customer consent and receive financial data from other data holders.

The Australian Financial Review reported that data won't flow to ANZ over Frollo until the big four bank receives its recipient accreditation, which may occur in the second half of this year. Even then, it is unlikely to be receiving data until sometime in 2022.

ANZ open banking lead Richard Hough said the bank is still in the first phase of its open banking journey. 

“Its early days for us and we’re looking forward to engaging with consumers on this important initiative,” Hough said.

“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 Australian Competition and Consumer Commission (ACCC).

“We have worked with them in partnership through the go live testing process and established a trusted relationship.

An ANZ spokesperson told iTnews the bank is developing a range of data capabilities as part of its longer term approach.

“Working with Frollo’s existing platform capabilities allows us to accelerate a discovery phase on consumer data right initial use cases," the spokesperson said.

“We have worked with them in partnership through the go-live testing process as a data holder.”

This past March, the Commonwealth Bank became the first major Australian bank to be fully accredited by the Australian Competition and Consumer Commission (ACCC).

Alongside the CBA, Frollo is one of the few accredited data recipients together with Regional Australia Bank, software provider Intuit, credit bureau illion and fintechs Ezidox, Yodlee and Adatree.

Prior to the announcement, ANZ worked with Frollo to test its capabilities as a data holder and improving consistency.

Frollo CEO and founder Gareth Gumbley said ANZ is well positioned “to leverage the opportunities the consumer data right offers as a data recipient.”

Frollo has already made over 7n million open banking API calls on bank data and claims to be responsible for over 95 percent of open banking activity in Australia.