Douugh takes the lead on data management in landmark Open Banking partnership with TrueLayer
Link copied to
The partnership provides a ‘critical’ advantage for Douugh’s ability to leverage its tech stack as a one-stop shop for customer financial management.
Banking super app Douugh (ASX:DOU) continues to stay at the forefront of the next key shifts in global fintech.
This morning, the company announced a new partnership with global open finance leader TrueLayer that will give it access to Open Banking data.
Launched in July 2020, Australia’s Open Banking rules allow customers to approve their banking data to be shared with other regulator-approved parties.
The aim of the new laws is to improve consumer choice and build a more competitive banking sector.
And as a CDR (Consumer Data Rights) representative of TrueLayer, Douugh has achieved approval for data access through its partners authorisation as an Accredited Data Recipient by the Australian Competition and Consumer Commission.
For Douugh, which is dual-listed on the ASX and the US OTCQB market, the deal marks a key step forward in its core objective; to build a banking super app that acts as a simple one-stop shop for customers to save, budget and invest.
In that context, gaining direct access to Open Banking is a direct value-add for Douugh, which uses technology that allows consumers to build a simple picture of their overall finances all in one place.
“For our customers to lead financially healthier lives, and for our super app to be their financial control centre, the whole financial picture needs to be available in one place, in real time, with all the right information,” Douugh CEO Andy Taylor said.
The technical capability for Douugh to access Open Banking data is therefore “critical for the operational functionality of the super app in Australia”, the company added.
With its TrueLayer partnership, Douugh’s has a platform to allow customers to more-easily leverage the best of its technology.
“TrueLayer is a global open finance leader with technical capability and support right here in Australia and we’re delighted to be working with a world-class partner,” Taylor said.
The deal complements Douugh’s existing traction in the US, where it’s targeting a major addressable market opportunity for fintech-based financial management.
For TrueLayer, the deal offers a chance to work with a company that has the capacity to scale globally.
“At TrueLayer, we love working 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,” the group’s regional CEO Brenton Charnley said.
Effectively, it means the TrueLayer can grow alongside the business in different markets without additional integration costs, because it’s the “same tech stack and support environment”, he said.
In line with previous guidance, Douugh expects to launch its banking super app platform in the Australian market by the middle of this year.
This article was developed in collaboration with Douugh, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.