We’ve put together a statement to use as a guide to explain this service to your clients:
“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 like I would if you email me your bank statements.
It’s important that you accept this request within seven days of receiving this email, or the invite will expire.
Please select all bank accounts you have to share with me. This process will take about 10 minutes.”
Once you’ve sent your client their Open Banking request, they will receive an email invitation to set up a Frollo account. The email also asks for consent to provide their information to NextGen and their consent to disclose this information to you as their Trusted Advisor.
Your client will receive the Open Banking email request you send.
Note: Your client has seven days to accept the invite and create an account
They’ll be prompted to set up an account and consent to giving you, as their broker, access to their financial data.
Within their Open Banking portal, they will be able to confirm the data they would like to share. Clients can see and manage the data you’ve consented to share and can withdraw consent at any time.
Their data is then transferred to the Opportunity record in your Mercury Nexus account in a machine-readable format
Below are 2 videos showing how your client can set up their Frollo account once they receive the invite.
Clients can see what information has been shared, and also withdraw access to any information at any stage.
Below is Open Banking Client Guide for you to share with your clients.