The Financial Passport (powered by Open Banking) is built within Mercury Nexus. It allows you to access your client’s financial data instantly and securely using the government-regulated Consumer Data Right (CDR) – also known as Open Banking.
Additionally, account eligibility for data sharing under Open Banking depends on specific criteria, such as account type and transaction history.
Under the CDR, Mortgage Brokers are defined as Trusted Advisors. Your clients can request their financial institution shares their data with you through CDR Disclosure Consent.
However, it is important to note that not all accounts are eligible for data sharing under the CDR, as eligibility depends on factors like account type and transaction history.
This means that instead of emailing you their bank statements, clients can simply share their financial information directly with you via Mercury Nexus, in just a few clicks.
However, some accounts may not be eligible for sharing due to limitations set by financial providers or account-specific criteria.
What are the benefits the Financial Passport?
Using Open Banking technology provides an up-to-date snapshot of your client’s financial position in real time, enabling you to pull financial data into Mercury Nexus in minutes, instead of days. This allows you to:
Access more accurate data and streamline loan decisions
Gain insights into your client's financial behaviour
Significantly reduce the amount of time you spend reconciliating your client’s financial data.
What client information will I receive from the Financial Passport?
Information will import as a PDF and excel file into Mercury and will include a comprehensive summary of:
Linked bank accounts
Employment and other income
Liabilities and expenses
12-month bank account transaction history
Date range and view of living expenses by:
- Monthly average- Last 3 months monthly average
- Last 12 months monthly average
Credible and comprehensive bank account data, such as: Institution / Bank account name, BSB, account number, repayment type, frequency, interest rate, available balance (transaction accounts), current balance (loans/credit), limit (calculation of balance plus available redraw), loan term expiry date.
How is Open Banking supported?
Open Banking is supported by the Australian Government and Consumer Data Rights (CDR) using secure automated data technology. The Australian Government has designed and oversees the system to ensure it is safe and secure for clients. Providers must go through a rigorous accreditation process to provide Consumer Data Right services. The Australian Competition and Consumer Commission (ACCC) manages this process.
Eligibility Criteria and Troubleshooting for Open Banking
While Open Banking offers significant benefits, not all accounts are eligible for data sharing. Eligibility is determined by factors such as account holder age, account age, transaction history, and account type. Financial providers also play a role in defining which accounts qualify for Open Banking. If an account is marked as ineligible, customers should contact their financial provider for clarification.
Troubleshooting Tips
Verify whether your account meets the general eligibility criteria.
Contact your financial provider to confirm account eligibility.
Review the provider's specific policies on Open Banking data sharing.
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