Frollo launches new compliance solution for companies struggling with open banking

Australian FinTech company Frollo has launched new product to help businesses comply with new data rules as they embrace open banking.

The timing of Frollo’s launch of the new application programming interface (API) comes as Australia is seemingly set to introduce open banking in July. While some – like the founder of neobank 86 400 – believe the benefits will take some time to manifest, Frollo has not been resting on its laurels.

“We’re excited to announce the launch of a new solution we’re offering to help data holders comply with open banking regulations: Product Data API Services for Banks,” Frollo wrote in a statement.

“The first milestone for data holders on the open banking journey is to be able to publish a list of products that are currently openly offered to the market. Currently, not all core banking systems have the bandwidth or architecture to support the creation of these APIs.

“To help you on your open banking journey we’ve built a simple, compliant and future proof way to create and publish product data APIs. Our focus with developing this solution has been to build a worry free, future proof solution that’s easy to implement regardless of who your core banking partner is.”

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