Lending technology organisation, Tic:Toc has been approved as an unrestricted Accredited Data Recipient (ADR) by the Australian Competition and Consumer Commission (ACCC), under the Consumer Data Right (CDR). As Australia’s first digital-lender and platform company, Tic:Toc has set the industry standard for automated credit underwriting processes.
What does this mean for the industry?
This will enable Tic:Toc to unlock the potential of open banking to continue revolutionising financial service processes to create seamless experiences for consumers and businesses.
Anthony Baum, Founder and CEO of Tic:Toc, welcomes the accreditation, saying Tic:Toc is well-positioned for this financial services revolution and has been set up for success in open banking since the business’s inception. “Tic:Toc’s founding values of transparency, responsibility and being human saw us pioneer the digital lending experience,” Anthony said.
“Creating exceptional two-way digital experiences – for the end customer, and the interface user – is at the heart of what we do. Our platform is automated, efficient and data agnostic; enabling us to help the industry meet growing customer demand for a digital solution and helping Australians take more control of their home loan journey,” Anthony Baum added.
What does the accreditation mean for Tic:Toc?
In November 2022, Tic:Toc closed a $54m Series D, driven by IAG to enable Tic:Toc to embed additional products and services, such as insurance, into its platform. In February 2023, the company announced its platform also powers Qantas Money Home Loans.
“The first wave of innovation for open banking will see greater competition and reduce switching costs for clients in home loan lending in particular, whilst giving them confidence to share their data safely, securely and efficiently. As data powered services continue to improve customer experiences in ways that genuinely improve their lives; the opportunity provided by the CDR becomes greater for embedded finance and action initiation,” concludes Baum.
