Aussie banking app Douugh taps TrueLayer for open banking data access
Australian banking app Douugh has partnered with open banking platform TrueLayer to access consented open banking data under the Consumer Data Right (CDR) in Australia.
The arrangement means Douugh can access the requisite data to build out its personal financial management (PFM) product within its soon-to-be-launched “banking super-app”.
Douugh founder and CEO Andy Taylor says the new service will be a “financial control centre” for its users, but to achieve this, “the whole financial picture needs to be available in one place, in real time, with all the right information”.
Set to launch this year, Douugh’s “super-app” is designed to help customers autonomously budget, save and invest their money “to live financially healthier lives”.
Open banking in Australia falls under the remit of the CDR legislation, which enables the sharing of a customer’s banking data between banks and fintechs.
Douugh will become a CDR representative of TrueLayer, an active and unrestricted accredited data recipient (ADR) authorised by the Australian Competition and Consumer Commission.
TrueLayer will act as Douugh’s CDR principal and will use its data APIs to collect CDR data on behalf of Douugh, so that Douugh can provide PFM services such as external transactional bank checking, saving, credit card and mortgage account data to its Australian customers.
Under the terms of the three-year agreement, Douugh will pay a fixed monthly fee for each CDR-connected bank account per active customer.
TrueLayer CEO for Australia & New Zealand Brenton Charnley says TrueLayer is able to work with Australian fintechs who have a global presence and expansion plans “because our single unified data API means we can support our Australian clients both locally and globally”.
He explains: “TrueLayer can provide more services internationally with only local integration as it’s the same tech stack and support environment.”