AFG signs up for open banking platform

As an accredited data recipient (ADR), Frollo reported it will support AFG in becoming an ADR and to deploy the CDR Gateway platform to its brokers under the upcoming trusted adviser model.

The groups also expect that access to open banking will speed up mortgage applications, with the use of data that is trusted by banks.

Mark Hewitt, AFG general manager, industry and partnerships explained the CDR Gateway will “enable many use cases” for brokers.

“We are very excited about the potential for open banking in the mortgage sector,” Mr Hewitt said.

Frollo founder and chief executive Gareth Gumbley commented: “Open banking has the potential to deliver incredible value for consumers, particularly when it comes to mortgage applications.

“We’re excited to work with AFG and provide their brokers with a complete, real-time overview of their customers’ finances to help their customers achieve their financial goals.”

AFG recently partnered with Volt Bank to soft-launch a white-label home loan product, called AFG Home Loans Sparc, as well as a personal finance management app named Handl. by AFG.

Both offerings are powered by Volt’s banking-as-a-service (BaaS) platform.

AFG CEO David Bailey told The Adviser that they would be tailored to meet broker requirements.

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