What are Open Banking generated account statements?
Key Takeaways for Brokers:
This feature significantly simplifies the documentation process, allowing you to gather necessary information efficiently. |
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 client's 3, 6 or 12-month consent period. This eliminates the need to repeatedly request documents from your clients, saving them inconvenience and time.
This is particularly useful when evidencing:
- A change in liability limit, such as a reduced credit card limit.
- Pre-approval requirements over as extended period of time.
- Current balances required for FASTRefi (refinance) settlement processing.
Other 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 PDFs: The statement PDFs are transferred securely via a "system-to-system" method, that provides proven provenance of 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 bank accounts
Business loans
Cash management accounts
Credit and charge cards
Leases
- Lines of credit
Margin loans
Mortgage offset accounts
Overdrafts
Personal loans
Regulated trust accounts
Residential mortgages
Savings accounts
Term deposits
Trade finance
Transaction accounts
Travel cards
- Trust accounts (only where funds are held in trust regulated industries)
And other eligible account types.
Tips:
| # | Data Holder | Tip |
| 1 | Up Bank | Up Bank sub-accounts: Some consumers have numerous sub-accounts that have individual account statements. Some lenders do not accept an excessive number of account statements during assessment. Most of these are internal accounts (called Savers accounts) as opposed to the Up Everyday Account. We recommend brokers and their clients do not share every single Savers accounts, but only the ones that have significant funds (not the ones they create for money movements only or budgeting). |
Sample documents: