Douugh partners with TrueLayer for open banking data access
Dough signs a new partnership with global open banking leader TrueLayer, to access open banking data under Australia's ground-breaking Consumer Data Right (CDR) in preparation for its Australian launch.
In an Australian first for mobile banking, Dough will become a CDR Representative of TrueLayer, an active and unrestricted Accredited Data Recipient authorised by the Australian Competition and Consumer Commission.
The partnership enables Dough to securely present external transactional bank checking, saving, credit card and mortgage account data to Australian customers inside its super app to enhance its personal financial management tool.
As TrueLayer offers a single unified data API globally. Dough also benefits from future synergies to support international expansion into markets such as the UK and Europe.
Sydney | New York, Monday 28 February 2022 - Dough Ltd (ASX: DOU) & (OTCQB: DOUUF), the banking super app on a mission to help customers autonomously budget, save and invest their money to live financially healthier lives, is pleased to announce a partnership with TrueLayer to access open banking data in Australia.
Open banking in Australia is enabled by the ground-breaking Consumer Data Right (CDR) that permits secure API-first data sharing between banks and accredited fintechs of a consumer's banking data with the full permission and consent of the consumer. For consumers, this saves time, money and hassle by allowing technology to build a unified and insightful picture of their finances conveniently accessible in one place.
Commenting on the Company's partnership with TrueLayer, Douugh's Founder and CEO Andy Taylor said:
"For our customers to lead financially healthier lives, and for our banking 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. And technology should do that work, not the customer. That's why we have chosen to work with TrueLayer to access consented open banking data under the Consumer Data Right in Australia. TrueLayer is a global open banking leader with technical capability and support right here in Australia and we're delighted to be working with a world-class partner.'
Commenting on the benefits to Dough from becoming a CDR Representative, TrueLayer's CEO for Australia & New Zealand, Brenton Charley, said:
"CDR Representative is one of the most exciting access pathways to open banking data in Australia. 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. By extension, TrueLayer can provide more services internationally with only local integration as it's the same tech stack and support environment."
Both parties look forward to a long-term partnership as Dough launches in Australia and explores expanding to additional international locations in the future, following its recently announced partnership with Railsbank.
Under the terms of the 3 year agreement, Dough will pay a fixed monthly fee for each CDR-connected bank account per active customer. TrueLayer will be Dough's CDR Principal and will use its data APIs to collect CDR data on behalf of Dough, so that Dough can provide personal financial management services to its Australian customers via its banking super app. This technical capability is therefore critical for the operational functionality of the super app in Australia.
As per previous guidance, the Company anticipates launching the Dough offering in Australia in 2022