What are Open Banking generated account statements?

As a Mortgage Broker using Frollo, you can access Open Banking generated (real-time) account statements and summaries (also known as "Proof of balance" documents) for your clients. This feature streamlines the data collection process and provides numerous benefits. Here’s a breakdown:

Access to Real-Time Statements and Summaries

By using Frollo, you gain access to Open Banking generated, real-time account statements and summaries for your client's linked Bank Accounts.

Regeneration During Consent Period

You, as the Trusted Adviser (Mortgage Broker), can regenerate these statements and summaries at any time during your Consumer's Consent period. This eliminates the need to repeatedly request documents from your clients, saving them inconvenience and time.

Key Benefits for Brokers:

• One Statement and One Summary Per Account: For each linked Bank Account, you will receive one statement and one summary. Each document is stamped with the Australian Government-approved Consumer Data Right (CDR) logo, confirming its authenticity.

• Credible Data from Linked ADHs: The information is populated directly from each linked Bank Account (Accredited Data Holder - ADH), ensuring data credibility and accuracy.

• Secure, Password-Protected PDFs: The documents are write (password) protected PDFs, submitted via secure "system-to-system" transfer, ensuring the confidentiality of your Consumers' financial information.

• Automatic Attachment to ApplyOnline®: The documents are automatically attached to the ApplyOnline® loan application and are readily available via the "Documents" tab for your review.

• Wide Range of Account Types Supported: Statements and summaries are generated for various product categories, including:

  • Business loans

  • Credit and charge cards

  • Leases

  • Margin loans

  • Offset accounts

  • Overdrafts

  • Personal loans

  • Regulated trust accounts

  • Residential mortgages

  • Term deposits

  • Trade finance

  • Transaction and savings accounts

  • Travel cards

  • And other eligible account types.

Sample documents: