Leading Australian Open Banking provider Frollo has released its first Open Banking API performance monitor, comparing end to end response times between Data Holders. Frollo’s data shows that neobanks Up and 86 400 are leading the way with fast APIs, taking less than half the time than most other banks to deliver CDR transaction data.
July 2021 marked a big milestone for the Consumer Data Right in Australia, as data sharing obligations kicked in for many Australian banks. As the number of live Data Holders has increased from 5 to 35, Open Banking coverage is close to reaching 90%. With coverage at this level, Frollo decided to answer the question: How are the APIs that underpin the CDR actually performing?
Response time for transactions
86 400 provides transaction data in less than 3oo milliseconds.
Data for August 2021 paints a picture of neobanks leading the charge with fast Open Banking APIs.
The ‘Transactions for account API’ returns all transactions for an account, including date & time, amount and description. 86 400, Up Bank and Beyond Bank all provided transactions in less than 500ms on average. That’s a stark difference when compared with some of the slower banks that took more than 2,000ms to provide this data.
Overall, 7 out of 22 brands returned the data in less than 1,000ms and the average across all brands was just under 700ms.
Source: https://australianfintech.com.au/neobanks-lead-the-way-with-fast-open-banking-apis-frollo/