Frollo & Open Banking
Accredited Data Holder (ADH): An organisation (such as a bank) required by Consumer Data Right (CDR) regulations to provide Consumer Data to any Accredited Data Recipient (ADR) that has obtained the relevant Consumer's Consent.
Accredited Data Recipient (ADR): An organisation (like Frollo) permitted by CDR regulations to receive Consumer Data from an ADH when they have a suitable Consumer's Consent to do so. Frollo is an ADR.
Account: An account held by the User with Frollo, accessed by signing in with the user's email/password combination. This account holds details of and is linked to your Accounts. (Also referred to as "Frollo Account").
Broker: A mortgage broker who assists Consumers and is permitted to receive Consumer Data.
Collection Consent: A consent obtained from a Consumer that allows Frollo (as an Accredited Data Recipient) to collect the Consumer's Open Banking Data from an Accredited Data Holder (ADH). Also referred to as "Open Banking Consent" or simply "Consent."
Consumer Data Right (CDR): The Australian Consumer Data Right (CDR) is a regulatory framework that gives consumers greater control over their data. It allows individuals and businesses to securely access and share their data with accredited third parties to enhance competition, innovation, and consumer choice in various industries.
Consent: Refers to both the Collection Consent by Frollo and the Disclosure Consent by Frollo to another party, such as a Trusted Adviser. Generally, referred to collectively as "Consent".
Frollo: An Australian company (ABN 49 613 113 269), an Accredited Data Recipient under the Consumer Data Right (CDR), and a wholly-owned subsidiary of NextGen (NextGen.Net Pty Ltd). Frollo is a leading and innovative provider of CDR services in Australia.
Frollo Account: See "Account."
Frollo App: An app that provides Smartphone access to your Frollo Account. It is available on iOS and Android platforms and allows users to manage money, link and manage linked Accounts, analyse transactions, and consent to others accessing their Open Banking Data.
Frollo for Brokers: The site https://broker.frollo.com.au, which allows a Broker to register and request Consumers (their Clients) to open a Frollo Account to link their Bank Accounts and securely share their data with them.
Frollo Help Centre: The site https://help.frollo.com.au, which provides self-service support for Users of Frollo, including Brokers, App Users, and Consumers. It contains articles, the ability to log issues, and ask questions.
Linked Bank Account: A Bank Account of a Consumer that the Consumer has linked by providing their Consent for its collection by Frollo from their Bank (ADH). Also referred to as "Linked Account."
Open Banking Data: Information obtained from a Linked Bank Account using the Consumer Data Right. The data consists of details of the Linked Bank Account (account number, name, balance, interest rate) and transaction details. Also referred to as "Linked Account Data."
User: A person who interacts with Frollo for Brokers. They may be either a Broker or a Consumer.