Is online/internet banking needed to use Open Banking?

Key Takeaways for Brokers:

An existing online banking account is not needed to use Open Banking.
From Frollo, Clients are redirected to their bank's CDR login page.
The bank will provide an OTP for secure login.

This means that financial data can be securely shared through Open Banking, even if your Client doesn't typically use online banking.

When using Open Banking, you might be wondering if Clients need online banking to use Open Banking through Frollo. Here's what you need to know:

Online Banking Not Required

No, an existing online/internet banking set up is not required to use Open Banking with Frollo.

CDR Login Page from The Bank (ADH)

All participating Data Holders (banks) provide a Consumer Data Right (CDR) login page that Frollo redirects to.

One-Time Passcode (OTP) for Secure Login

The bank (Accredited Data Holder - ADH) provides a One-Time Passcode (OTP) via SMS or your Banking App. This OTP is used to securely log in to the bank's CDR site.

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