Understanding the Financial Passport: A secure and simple guide for Fync clients
- Ash Gates
- Apr 2
- 4 min read
What is the Financial Passport and how does it work?
We understand that sharing financial data can feel daunting. That’s why this guide will explain exactly how the Financial Passport works, why it’s secure, and how you control what’s shared.
The Financial Passport - Open Banking service is made available to you and your broker at no cost by NextGen and Frollo.
NextGen is Australia’s leading provider of lending and finance technology, responsible for ApplyOnline, a platform used by many banks and brokers.
Frollo is a leading Open Banking technology provider and is owned by NextGen.
Both NextGen and Frollo are Accredited Data Recipients (ADRs) under the Consumer Data Right (CDR) framework, meaning they are government-regulated and required to follow strict data security measures.
What Is the Financial Passport?
The Financial Passport is a secure and streamlined way to share your financial data with your mortgage broker at Fync. Instead of manually providing bank statements, payslips, and other financial documents, you can digitally connect your financial accounts and give consent to access the necessary information.
This process is backed by Open Banking and the Consumer Data Right (CDR), ensuring your data is protected and only shared with your explicit consent.
This lets us quickly and accurately assess your financial position, helping us provide you with tailored solutions.
Who Manages the Financial Passport?
Your Financial Passport is processed using NextGen and Frollo:
Frollo: A government-accredited financial data platform that allows you to control which data you share and who you share it with.
NextGen: A trusted technology provider that facilitates the secure transfer of financial data.
Both are regulated under Australia’s Consumer Data Right (CDR) framework, ensuring the highest standards of privacy and security.
How Does the Financial Passport Work?
Step 1: You receive an invitation
Fync will send you an email invitation to create your Financial Passport.
This invitation is valid for seven days.
Step 2: You set up your secure account
The email link directs you to Frollo, where you’ll create an account.
You’ll be asked to provide consent for NextGen to access your banking data and share it with Fync.
Step 3: You select the data you want to share
You choose which bank accounts and financial details you want to share.
You do not have to share every account—you’re in full control.
Step 4: Your data is securely transferred
Your financial data is sent securely to NextGen.
Fync only receives access to the data you approved.
Step 5: Your Financial Passport Is Ready
We access your Financial Passport to assess your financial position.
You’ll no longer need to manually provide bank statements or financial documents.
How Safe Is the Financial Passport?
We understand that privacy and security are top concerns, and that’s why the Financial Passport operates under the strictest security standards:
Regulated by the Australian Government: The Consumer Data Right (CDR) framework ensures all data sharing is voluntary, transparent, and protected by law.
No Stored Passwords: You never have to share banking passwords or login credentials.
You Control Access: You can stop sharing data at any time via the Frollo portal.
For more information, visit the Australian Government’s CDR website.
What Are the Benefits of the Financial Passport?
✅ Securely gathers financial data for loan applications
✅ Improves customer experience by replacing non-secure email/file sharing
✅ Reduces processing time with system-to-system integration
✅ Reduces fraud risks with Government-regulated data security
Frequently Asked Questions (FAQs)
1. Who can see my financial data?
Only NextGen and Fync—no third parties can access your data.
2. Will this affect my credit score?
No, using the Financial Passport does not impact your credit score.
3. Can I choose which accounts to share?
Yes, you can select specific bank accounts and exclude others.
4. Can I stop sharing my data?
Yes, you can revoke access at any time via the Frollo portal.
5. How long does it take?
The process takes around 10 minutes, and your Financial Passport is generated instantly.
How to Get Started
1️⃣ Contact Fync – Let us know you’d like to use the Financial Passport.
2️⃣ Check Your Email – Look for the invitation from Fync and click the link.
3️⃣ Set Up and Share – Follow the steps to share your financial data securely.
By using the Financial Passport, you’re making the loan process simpler, faster, and safer. If you have any concerns or questions, our team is here to help—just reach out!
Official Client Guide for Financial Passport
For full details on how the Financial Passport - Open Banking service works, please refer to the official Financial Passport Client Guide, provided by NextGen and Frollo. This document outlines the process, security measures, and your rights under the Consumer Data Right (CDR).
👉 Download the official client guide
As this service is provided and managed by NextGen and Frollo, Fync acts only as an intermediary to help clients understand their options. Any technical, security, or compliance-related concerns should be directed to NextGen or Frollo via their Financial Passport Support Hub.
Need More Information?
Visit the Fync website or speak with your Fync broker today to see how the Financial Passport can work for you.
*Disclaimer: Please note that the information provided in this communication is for general informational purposes only and should not be construed as professional advice. It is not intended to substitute for personalised financial, legal, or tax advice. Please consult a qualified professional before making any decisions based on the information provided.
