As it gears up for open banking, financial management platform Moneytree has partnered with superannuation service Roll-it Super to enable access to its data aggregation solution.
Founded by Mark MacLeod last year, Roll-it Super is a ‘choice of fund’ platform, allowing users to compare super funds across Australia.
The Japan-founded Moneytree, meanwhile, launched in Australia in 2017, its first expansion market.
The Moneytree platform allows users to bring together all their financial information, from their bank accounts to credit cards, digital money and rewards points, superannuation, and cash spending to give them a comprehensive view of their money and in turn, make better financial decisions.
Their data can then be shared with approved enterprises, for example an accounting partner, when a customer chooses.
Ross Sharrott, founder, CTO, and executive director for Moneytree in Australia, said the fintech is “delighted” to partner with Roll-it Super. Leveraging Moneytree’s API, the partnership will allow Roll–it Super users to view all their financial accounts from various providers in one place.
“Finding the right superannuation fund is extremely important and can have a significant impact on people’s retirement. We view Roll-it Super as a natural partner in our mission to help people understand their financial position across all their accounts to take action and ultimately be better off,” Sharrott said.
“Accessing banking and super information from one place in a single login is a feature entirely for the benefit of Roll-it Super users. With this, they’ll be able to better understand their financial position and review their income, spending and saving patterns overtime,” MacLeod said.
The partnership, which evolved from the startups both being based out of fintech coworking space Stone and Chalk, comes as Moneytree prepares for the arrival of Australia’s open banking initiative.
Though the official launch of the open banking program has been delayed to 2020, with the big four banks instead set to run a pilot program in partnership with Data61 and the Australian Competition and Consumer Commission (ACCC) this year, Sharrott said Moneytree has learned a lot from its work preparing for open banking in Japan.
“We’re getting ready to go through the accreditation process with the ACCC; we’ve gone through a similar process in Japan, so we’re comfortable to do it, but there is some work that goes into that, and if a fintech isn’t ready, they have to go to the start of the line again,” Sharrott said.
Part of the preparation is also working with partners to help them understand how they can leverage open banking.
“For us, open banking is really no different in terms of what we can do with the data; we can bring the data into our system, show it to you via our app, and eventually on-share that when directed to by a consumer,” Sharrott added.
“A lot of our banking partners and others out there are trying to understand how their business changes in an open banking world.”
Image: Ross Sharrott. Source: Supplied.
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