Collecting your client’s financial data can be efficient and seamless with the Financial Passport. You use ONE platform to get all their information in a financial passport with the click of a button in Mercury Nexus.
The Financial Passport has been built into the Opportunity Record in Mercury Nexus. Once your client has completed their profile, you will receive their financial passport within minutes. It will be available for you to download from the Open Banking tab.
Note: Admins who are members of virtual branches will receive permissions errors if opening Open Banking for Opportunities linked to Brokers from the main branch.
How to send a Financial Passport request
Navigate to the CRM.
Open your opportunity record.
Select Open Banking from the left hand menu.
On the applicant tile, click ‘Get Started’. The consent pop up will appear. Please select the Applicant(s) you would like to send the Open Banking request to.
Click on Create Request.
Select a transaction period of 6 or 12 months.
The Open Banking invitation email that will be sent to your client will appear. This will contain information about Open Banking and how to set up their account.
Please note, this email has important information on the data collection standards, so cannot be amended.The status in the Financial Passport will change to Pending.
Note: If you need to resend the Open Banking invite. click the three-dot menu and click Re-send invite.
How do I download the Financial Passport?
Once the client creates their Open Banking account, their Financial Passport will be built and imported back into Mercury in a few minutes.
Navigate back to the Opportunity Record
Select Open Banking from the left hand menu
The status will have changed from Pending to Complete
Click view to see the Financial Passport
The information will be imported as a PDF or Excel file into Mercury and will include:
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 and last 12 months monthly average. You can also choose different statement periods across different accounts. See attached document below for more information.
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.
You can also open the information as an excel spreadsheet.
