Leading open banking participant Frollo has released a report on the scheme that backs up the finding of an earlier review that open banking suffers from data quality issues.

Frollo released its annual State of Open Banking survey this week, reporting that 114 ADIs are sharing data on more than 30 financial products.

The number of accredited data recipients has grown from 19 in November last year to 33 now and the number of CDR representatives has grown from zero to 44.

CDR representatives gain access to CDR data through an accredited data recipient. Frollo said they include banks, lenders, investment companies, payments businesses, financial advisers and brokers.

Frollo said data transfer is generally fast and reliable, with the average data holder providing data in under a second, with 98 per cent reliability.

But when Frollo analysed “data holder API payloads” for transaction and mortgage accounts it found there are gaps.