ANZ has signed with open banking fintech Frollo, which will provide the bank with a consumer data right gateway service.

Frollo is an accredited data recipient under the CDR regime and its gateway will allow ANZ to receive consumer financial data from other data holders.

ANZ is taking a different approach to Commonwealth Bank, which received accreditation to operate as an approved data recipient in March.

Under the consumer data right as it applies to banking, consumers have the right to direct their bank to share their data with an accredited data recipient.

CBA chief executive Matt Comyn has said open banking provides plenty of opportunity for big banks.

“Open banking will allow us to aggregate a customer’s financial data. The more data you have the more meaningful the insights you can give the customer,” he said in a presentation earlier this year.

Frollo claims to be the leading open banking data recipient, responsible for 95 per cent of activity so far.

Frollo chief executive Gareth Gumbley said in a statement: “Our platform offers ANZ the flexibility to build a range of customer solutions.”

Earlier this month, Canstar announced that it will use Frollo’s personal financial management platform as the basis for a set of financial wellbeing tools.