Is Frollo integrated with ApplyOnline?

Yes, Frollo is integrated with ApplyOnline!

Account statements and data collected from your CRM can be used as part of a loan application in ApplyOnline, making for a faster and more accurate loan submission.

ApplyOnline will automatically provide access to this information when a loan application for your client is created.

Here's a video and summary of what's useful to know:

Financial Passport – Open Banking

• On creation of a new loan application, a search of Open Banking consent requests completed pre-ApplyOnline for the same broker-client relationship is done, and if found, linked to the new application.
• You can expect to receive a notification email to let you know that your client's completed Open Banking request is available for reuse.

• Data and documents will be accessible via the Financial Passport section of the 'Applicants' tab and 'Financials' tab prior to loan application submission.

• You will have the ability to remove or replace documents which will only be visible to Lenders on submission of the application, maintaining control of the application process.

• You can immediately access your client’s Open Banking:

  • Insights PDF

  • Transactions spreadsheet

  • Account Statements

  • Account Summaries | Proof of Balance

Key benefits:

• Saves time manually gathering, downloading and uploading account statements.
• Update data (refresh) as needed. This is particularly useful when generating account statements with a different time period, verifying credit limit changes, current interest rates and FASTRefi requirements.
• Verify and pre-fill loan applications with accurate data prior to submission.

Example Financial Passport section:

Example notification email:

Subject: [IMPORTANT] You client's Open Banking data has been linked to a new application

Application data comparison and verification

• You will receive real-time suggestions by comparing your client’s declared assets and liabilities with the Open Banking data.
• You can choose to accept suggestions to auto-fill missing data or correct mismatched financial information, leading to higher-quality submissions.

Open Banking data update (refresh)

• You can refresh your client's Open Banking data to ensure the most current financial information is available.
• This includes updated Insights, Transactions, Statements, and Verification data.

Supporting documents auto-attach

• Open Banking account statements and summaries will be available in the Open Banking folder on the Documents tab.

• The latest statements will be automatically attached to satisfy relevant lender checklist conditions. If required, statements can be removed prior to loan application submission.

This feature aims to assist brokers and their admin support by removing the need to download and manually attach Open Banking account statements before submission.

Example Documents tab:

Open Banking feature differences

The availability and behaviour of Open Banking features may vary depending on the lender’s configuration. Below are the key differences:

Open Banking – "New Invite" option

• Lenders without Open Banking enabled

  • The "New Invite" option on the Open Banking tile will not be available or usable.

  • You can still invite the clients to Open Banking using Frollo for Brokers.

  • After your client completes their consent, the data will be automatically linked to the ApplyOnline loan application.

  • Once linked, you will have full access to all applicable Open Banking features in ApplyOnline, as outlined in the user guide.

• Lenders with Open Banking enabled

  • Lenders such as CommBank and the Westpac Group have enabled Open Banking for brokers, to be used (started) directly from their loan applications.

  • The "New Invite" option will be available in ApplyOnline.

  • You can invite clients to complete the Open Banking consent for seamless data sharing on the loan application.

  • Within the Documents tab, account statements will be auto attached to relevant checklist conditions and marked as verified. You will have the ability to remove or replace documents which will only be visible to lenders upon submission of the application, maintaining control of the application process.