Use this guide to explain Open Banking (Consumer Data Right) to your client and help them complete the Financial Passport process confidently and securely.
Financial Passport allows your client to share their financial information with you through a government-regulated framework. The data flows directly into your Opportunity in Mercury Nexus, reducing the need for manual bank statement collection.
How to explain Financial Passport to your client
You can use the script below when introducing the service:
“I will send you an email to share your financial information with me via a government-regulated scheme called the Consumer Data Right. This is a safe and secure way for you to share the required financial information with me.
I will receive your account balances and transaction information, similar to receiving your bank statements by email.
It’s important that you accept this request within 14 days of receiving the email, or the invite will expire.
Please select all bank accounts you would like to share with me. The process takes about 10 minutes.”
You can also share the Open Banking Client Guide to support your explanation.
What happens after you send the Open Banking request
Once you send the request from Mercury Nexus:
Your client receives an email invitation to set up a Frollo account.
They are asked to provide consent to:
Share their financial information via the Consumer Data Right (CDR).
Provide their information to NextGen.
Disclose that information to you as their Trusted Adviser.
Important: Your client must accept the invitation and create their account within 14 days, or the request will expire.
What your client does in the portal
After accepting the invite, your client will:
Create their Frollo account.
Select the bank accounts they wish to share.
Confirm the specific data to be shared.
Within the Open Banking portal, your client can:
View what data has been shared.
Manage active data-sharing consents.
Withdraw consent at any time.
How the data appears in Mercury Nexus
Once consent is provided:
Financial data is securely transferred.
The information is attached to the relevant Opportunity in Mercury Nexus.
Data is delivered in a machine-readable format.
This reduces manual data entry and improves accuracy when assessing serviceability.
Client walkthrough video
You can share this video with your client to guide them through setting up their Frollo account after receiving the invite.
Need help?
If you need help sending or managing Open Banking requests in Mercury Nexus, contact your Partnership Manager or email [email protected].