Mortgage aggregator Finsure has entered the consumer data right world and has started providing its brokers with open banking data for use in processing loan applications.

Finsure is working with CDR accredited data recipient Frollo and lending tech company NextGen (Frollo’s parent) under the “trusted adviser” access model.

The government amended the CDR rules in 2021 to encourage greater participation in the system, introducing access levels that do not require full accreditation, such as sponsored accreditation, a CDR representative model and the trusted adviser model.

Finsure is the first company to use the trusted adviser model. Neither the company nor its advisers had to go through an accreditation process, instead relying on Frollo’s accreditation.

Under the agreement, Finsure brokers will receive Frollo’s Financial Passport, which draws on open banking data to compile reports on an individual’s savings, income and expenses, assets and liabilities and overall financial position.

Brokers can use the data to verify data supplied by the loan applicant. 

Finsure chief executive Simon Bednar said in a statement: “Open banking solves the problem of data inconsistency, allowing all parties to the transaction to rely on the same data set, greatly reducing re-work and facilitating earlier decisions.”

Finsure uses NextGen’s ApplyOnline platform and brokers are able to integrate data from the Financial Passport into their workflow.

Frollo chief executive Tony Thrassis said: “The trusted adviser model might be the CDR access model with the most potential to drive open banking adoption in Australia. We see more arrangements like this in the pipeline.”