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What is the Financial Passport?
What is the Financial Passport?
Updated over 4 months ago

What is Open Banking?

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.

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.

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.

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:

  1. Linked bank accounts

  2. Employment and other income

  3. Liabilities and expenses

  4. 12-month bank account transaction history

  5. 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.

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