MogoPlusworld experts in knowledge of banking transaction data, will work with TrueLayeran open banking organization, to access financial data using the Australian Consumer Data Right (CDR).
MogoPlus is in the process of becoming an accredited data recipient authorized by the Australian Competition and Consumer Commission (ACCC). TrueLayer was accredited by the ACCC in September 2021 and became active in February 2022.
In collaboration with TrueLayer, MogoPlus will access bank data authorized by the customer in accordance with the CDR rules.
MogoPlus enables businesses to make informed customer decisions through descriptive and predictive data insights. The fintech offers lenders a suite of solutions tailored to specific credit products, including home loans, credit cards, personal loans, buy it now, mortgage refinance, hardship relief and business loans .
“As a leading global fintech specializing in credit analytics, our strategy in Australia is to deliver cutting-edge data insights to our banking and non-banking customers to power a new era of lending solutions,” said Mike Page, CEO of MogoPlus for Asia-Pacific. “This means we need to use CDR to collect open banking data for use in our analytics and analytics engines. We are excited to be working with the local TrueLayer team who are a respected open banking pioneer .
“Our insights based on open banking data will enable more accurate lending decisions, faster processing times, reduced operational costs and improved customer experience,” he continued.
CDR launched on July 1, 2020 and continues to grow as more vendors become accredited and new use cases open up. There are now 16 active data recipients and 106 active data holder brands connected in the CDR ecosystem, which equates to a 97.7% market share of household deposits. A consultation is currently underway to decide whether to extend the scheme to non-bank loans as a first step towards open funding.
“CDR data sharing is rapidly approaching a tipping point,” said brenton Charley, CEO of TrueLayer for Australia and New Zealand. “It’s incredibly exciting to see it all come together with partners, technologies and use cases. Given their status as global experts in using banking transaction data for credit decisioning, the integration of MogoPlus into CDR will be a great benefit for the local lending market to access instant decisioning solutions. with structured data insights as well as to improve customer journeys and business efficiency. ”
With both parties having a strong presence in Australia and the UK, as part of their global footprints, MogoPlus and TrueLayer look forward to a long-term partnership facilitating API-first data exchange journeys. , coupled with meaningful data-driven insights.