Australia-based Frollo has introduced a new online portal designed to streamline how mortgage brokers collect and verify client financial data.

Frollo for Brokers

This tool, called ‘Frollo for Brokers,’ utilizes the Consumer Data Right (CDR) framework and Open Banking infrastructure. It allows brokers to access real-time, permissioned account information with their clients’ consent.

Replaced by this digital workflow is the traditional manual method of collecting account statements. This approach eliminates outdated practices such as screen scraping, which financial institutions are phasing out due to security and compliance issues in favor of secure direct data access from banks.

The solution has been integrated with NextGen’s ApplyOnline platform alongside other aggregator groups like Mortgage Choice, Finsure, and Connective. It also includes participation from lenders such as CBA and Westpac Group during early phases of the integration.

Enhanced Data Accuracy and Efficiency in Loan Applications

Brokers using this tool can access categorized and AI-processed financial data, which helps them generate insights and complete fact-finding more efficiently. According to representatives from NextGen, early adopters have reported significant time savings and improved data accuracy, reducing the chances of application rework.

Frollo emphasizes that adopting Open Banking as a safer and more efficient means for accessing client data is becoming essential due to growing industry focus on data security. For clients, this shift simplifies the application process by eliminating the need to gather or submit paper statements or other financial documents.

This service is now available to all mortgage brokers in Australia who are accredited with either the MFAA or FBAA without any additional cost.