What is the Nextgen 'Financial Passport - Open Banking' service?
A mortgage broker that is nominated by their client to be a Trusted Adviser is able to invite their client to verify their finances by creating a Financial Passport, which uses Open Banking to gather financial data securely from banks.
Financial Passport has been designed to improve the speed and accuracy of mortgage brokers completing and submitting loan applications to lenders.
A Financial Passport stores a set of documents that shows a consolidated view of a person’s finances. It consists of:
Insights: A summary of income, asset, liability and expense information.
Transaction Report: A spreadsheet so that you can understand how we categorise Insights data.
Bank Statements: CDR generated with a Government issued CDR logo confirming authenticity.
Is there a cost to use the Financial Passport service?
No, there is no cost to you or your clients to create a Financial Passport to obtain CDR data-informed Insights.
It is a complimentary service that provides a secure and efficient method to assist in streamlining the lending application process.
How much time does it take to set up and retrieve my client's Financial Passport?
Your clients will receive an email invitation to set up a Frollo account and provide their consent for NextGen (an ADR and provider of this service) to retrieve their data and their consent to disclose that information to you as their Trusted Adviser.
The Frollo account set-up process takes 10 minutes; once completed, the data is retrieved from each connected bank account and your client’s Financial Passport will be generated.
Your client’s Financial Passport will be made available to you as their mortgage broker to retrieve via your broker group software platform – all within a matter of minutes.