Douugh signs up to TrueLayer for open banking data access

ASX-listed fintech Douugh will use TrueLayer's platform to access open banking data with customer consent, and draw that data back into its personal financial management app.

TrueLayer is a UK-based open banking platform that was recognised as an accredited data recipient (ADR) under the consumer data right scheme by the ACCC last September.

This gives TrueLayer the authority to partner with organisations like Douugh, which can then access open banking data without being an ADR themselves.

Douugh said in a statement that it will be able to access “external transactional bank checking, saving, credit card and mortgage account data,”  which its customers can add to Douugh's financial management app and use to "autonomously budget, save and invest their money to live financially healthier lives."

Under the three year agreement, Douugh will pay a fixed monthly fee for each CDR-connected bank account per active customer. 

"For our customers to lead financially healthy lives, and for our banking super app to be their financial control centre, the whole financial picture needs to be available in one place, in real time, with all the right information," Douugh founder and chief executive officer Andy Taylor said in a statement.

"Technology should do that work, not the customer.”

The ACCC announced the consumer data right scheme in 2017.

The program aims to improve competition by allowing consumers to compare and switch between products and services more easily, and to transport their historical banking data between institutions and financial service providers.

Companies are required to share consumers data with an ADR as long as the consumer has consented for the ADR to access the data. 

A number of Australian banks, such as Westpac, NAB, and Volt, have become ADRs.

The consumer data right scheme is also being expanded to the energy and telecommunications sectors.