Introduction to Open Banking
The Financial Passport - Open Banking service enables mortgage brokers to securely gather client information that can be used to prepare, complete and submit loan applications.
Open Banking improves the accuracy of applications by providing a more complete view of each applicant's financial position, from data sourced directly from their banks.
Insights received prior to submission reduces the likelihood of reworks and speeds up the assessment and approval process.
Open Banking is enabled by the Consumer Data Right, or CDR. It is an Australian Government regulated framework, which allows Accredited Data Recipients to securely request and receive financial data on behalf of clients.
Who is providing this service?
The Financial Passport - Open Banking service is made available to you at no cost by NextGen and Frollo:
- NextGen is Australia's leading provider of lending and finance technology and the provider of the electronic lodgement and loan processing platform ApplyOnline®
- Frollo is Australia's leading provider of Open Banking technology. NextGen and Frollo are Accredited Data Recipients (ADRs), they are regulated entities in the Consumer Data Right that can collect financial data with a consumer's consent.
Benefits
Incorporating a Financial Passport:
- Provides brokers the ability to securely gather financial data that can be used to prepare, complete and submit loan applications.
- Improves customer experience by superseding paper-based or digital (e.g., non-secure email or screen-scraped) provision of confidential documents such as bank statements and payslips.
- Reduces reconciliation and processing time via system-to-system integrated services (thus increasing straight through processing and significantly reducing costs).
- Reduces potential risk and fraud by providing secure, Government regulated information collection, storage, and disclosure.
Voice of the Broker
Real-life broker experience using Open Banking:
How does Financial Passport - Open Banking work?
Tip: During initial use, we recommend using the service for the following client scenarios:
- Single or joint PAYG clients
- Purchases or refinances
The following provides a summary of the invite, consent, and disclosure steps as at May 2025:
| # | Step | Example |
| 1 |
Get started: Within your CRM navigate to the Open Banking feature. Select Get started to send an email to each client to invite them to use Open Banking.
Tip: The tooltip provides links to:
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| 2 |
Create invite: A modal is presented to:
Once reviewed and checked, select Next. |
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| 3 |
Broker preview: Next, the scrollable modal is used to review the email that will be sent to each client before it is sent. It includes a summary of:
Optionally change the email footer (if required) then select Send invite. |
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| 4 |
Clients emailed: Each client will then receive their personalised email invite, once reviewed they can select Get started to complete the process. Refer to the Client Guide for more information. |
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| 5 |
Open Banking pending: You will then see that the tile status is updating to PENDING. The banner provides a guidance. The status will update as each client completes their Frollo process. |
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Open Banking Statuses
When an Open Banking invite is sent, the status is updated.
The following provides examples of each status:
| # | Status | Example |
| 1 | Get started | |
| 2 | Pending |
|
| 3 | Invite expired |
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| 4 | In progress |
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| 5 | Completed |
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| 6 | Failed | A system error occurred. If the issue occurred during the Data Holder (bank) linking accounts step, the applicant can re-do the process. Alternatively, contact our Support Team via the Frollo Help Centre. |
| 7 | Out of date | Data is more than 30 days old. Use of up to date data is recommended prior to submission. |
| 8 | Consent expiring | The client's consent to share their data will expire in 7-days. |
| 9 | Consent expired | |
| 10 | Consent withdrawn | |
| 11 | Update in progress | |
| 12 | Update fail |
Update failed due to a system error. Select 'Update data' again, alternatively, Contact our Support Team via the Frollo Help Centre. Existing data is still available to view. |