Frollo enables mortgage brokers and their clients to securely gather financial data through Open Banking. This data, collected from both personal and business banking accounts, streamlines the preparation, completion, and submission of loan applications.
You can typically share data for a wide range of personal and business banking account types, including, but not limited to:
- 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
- Retirement savings accounts
- Savings accounts
- Term deposits
- Trade finance
- Transaction accounts
- Travel cards
- Trust accounts (only where funds are held in trust regulated industries)
Sharing Business Bank Accounts
Currently, sharing data for business bank accounts established under a business entity (rather than individual), such as Sole Traders, Partnerships, Companies, and Trusts, requires additional steps. This is because data sharing for businesses under the Consumer Data Right (CDR) regime is "opt-in". For Sole Traders and single directors, the process is generally straightforward as only one Consent is required. However, for businesses with multiple directors, the Consent process may be more complex.
Businesses wishing to share their banking data via CDR must ensure the following:
- The business entity that owns the business bank account must be enabled for online banking.
- The controlling party (e.g., the director(s)) of that business entity must grant authority to other individuals to share accounts owned by the business entity via their online banking access. When this is done correctly, an additional page will appear in the CDR data sharing flow implemented by banks. This page will prompt them to select the profile for data sharing, allowing them to choose either their personal profile or the business profiles for which they have authority.
Each bank manages these additional steps differently. In some instances, it may be a simple matter of providing authority through the bank's app, while in others, the business owner may need to submit a form to their bank. Industry participants are actively working with relevant Government departments to resolve this industry-wide issue.
To assist businesses in navigating these steps, we have compiled a guide outlining the processes for major banks, along with links to their official CDR data-sharing pages.
If frontline bank staff are unaware of the CDR, you can escalate the issue with the bank. Additionally, you can find the bank on the Data Holders list and contact their specific CDR support team via email.
| Data Holder | How to appoint or revoke a nominated representative |
| ANZ |
Businesses using ANZ Internet Banking for Business can appoint Nominated Representatives (Administrators/Authorisers) to share data on their behalf. This feature has been available since November 2021. To set this up:
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| CommBank |
You have the option to appoint delegates who can share data with accredited organisations without requiring additional approval. The CommBank website provides details on how to set up delegation through NetBank or CommBiz. To set this up:
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| ING |
Any authorised user of a Business Optimiser account or a Business Term Deposit account can nominate to share data on behalf of the account holder. |
| Macquarie |
To share consumer data from your company, trust or partnership (Entity) account, you’ll need to first appoint a nominated representative. A nominated representative is a person that is appointed to give, amend and manage authorisations to share consumer data from (and on behalf of) your Entity’s accounts with accredited data recipients. You can appoint a nominated representative by completing the CDR Nominated Representative Authority form. The form can also be used to revoke a nominated representative that you’ve appointed in the past. |
| National Australia Bank (NAB) |
Any existing and new nominated authorised users appointed by your business owners will be able to provide consent to share the data in relation to the accounts for which they are authorised. Please note that an authorised user can only see and manage consents created by them. Therefore, if one of your authorised users creates a consent, you will not be able to see this in your internet banking. Important: |
| Westpac |
For businesses registered before November 1, 2021: To enable data sharing, Westpac requires the submission of an Open Banking data sharing authority form. Allow 1-2 days for approval. For businesses registered after November 1, 2021: Administrators are automatically authorised to nominate Users for data sharing. To set this up:
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Open Banking Generated Account Statements
By using Frollo, you can access Open Banking generated (real-time) account statements and summaries (also known as "Proof of balance" documents).
For more information see: What are Open Banking generated account statements?