What are Open Banking generated account statements?

As a Financial Adviser 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 (Financial Adviser), 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:

• Verifying a Statement of Advice (SoA) or Best Interest Duty (BID) activities.
• Evidencing current balances or a change in liability limit, such as a reduced credit card limit.

Other Benefits for Adviser:

• 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.

• 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.

Sample documents: