Cashdeck and Frollo Open Banking

Rebecca Jarrett-Dalton
2 days ago
3 min read

As a business our aim is to make the loan approval process as easy and simple as possible - for you. While there's a bunch of data we need to collect, we are constantly looking for ways to make this collection easy.

One of our very favourite tools is screen scraping the data the banks need, directly from your bank themselves. There are a few tools to do this, we use Cashdeck or Frollo Open Banking as our preferred means. Its worth noting here some banks mandate this use through their application process - such as Ubank who will send you their own link to gather this information as a mandatory step.

We completely respect everyones caution around security, and particularly when it comes to your bank account; which is why we partner with trusted technology like CashDeck for bank statement collection.

CashDeck employs bank-grade encryption (TLS/SSL and AES-256) and a strictly read-only process to safeguard your financial information. Your credentials are never stored or accessible to staff - they’re used only briefly for secure, point-in-time retrieval, and then deleted. These protocols align with industry standards for privacy and security in Australia. Also, we don't get the logins here at Two Red Shoes - they are only used by cashdeck to grab the statement data we need.

Importantly, ASIC actively encourages the adoption of secure digital solutions and regularly updates its guidelines to ensure consumer protection and the prompt delivery of financial services. Digital statement collection via platforms like CashDeck meets these modern compliance requirements, helping brokers like myself protect your interests and avoid unnecessary risks. Personally we have used the system for our rown accounts within the office .

While manual statements collection is an option, they often introduce practical challenges:

Manual collection is slower and prone to delays - banks issue statements periodically, and document mismatches or missing months often mean follow-up requests and slower approvals.
Format inconsistency - different banks present statements in various styles and file types, making it difficult to verify all required details for lenders.
Higher risk of errors - manual transcriptions or scans can result in missing information or mistakes, which lenders will not accept and typically delay the approval process.
Complexity for the client and broker - the process can seem straightforward, but collecting and consolidating statements manually regularly complicates applications and stalls outcomes for everyone involved.

To satisfy current lending criteria, you’ll need to supply an updated statement for every bank account, covering at least 93 days of transaction history and with the key criteria lenders require such as your name, account number and the bank logo. Lenders are required to verify this information for all accounts, and digital collection via CashDeck ensures you meet these expectations efficiently and securely.

Frollo gives access to the information for a longer timeframe (can be refreshed) and only uses your internet banking login and a one time passcode, however, there are fewer banks available via Frollo, the reporting data isn't as tidy and we sometimes have to come back to you for more.

Our preference is Cashdeck, it requires you to use your internet banking login and password for a one time access. What we recommend is changing your password before logging in, completing the request, and waiting around 10 minutes before changing your password again. This way you know no further access can be made.

We're always happy to discuss your concerns & hope this goes a long way to reassuring you.