Key Takeaways:
This feature streamlines the documentation process, saving you time and effort while ensuring the secure and reliable sharing of your financial information. |
When working with your Financial Adviser, you might be curious about Open Banking generated account statements. Here’s a breakdown of what they are and how they benefit you:
Real-Time Account Statements and Summaries
By using Frollo, you can access Open Banking generated (real-time) account statements and summaries (also known as "Proof of balance" documents).
Adviser Access to Refresh
Your Trusted Adviser (Financial Adviser) is able to regenerate these statements and summaries at any time during your 3, 6 or 12-month Consent period. This means they can gather the necessary documentation for lending purposes without needing to ask you to re-supply them.
This is particularly useful when:
- Evidencing current balances or a change in liability limit, such as a reduced credit card limit.
- Verifying a Statement of Advice (SoA).
Other Benefits:
- One Statement and One Summary Per Account: You'll get one statement and one summary for each linked Bank Account. These documents are stamped with the Australian Government-approved Consumer Data Right (CDR) logo, confirming their authenticity.
- Credible Information: The information is populated directly from each linked Bank Account (Accredited Data Holder - ADH), ensuring credibility.
- Wide Range of Account Types: 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: