The world’s first Open Data marketplace, Adatree Exchange has launched, streamlining how firms procure regulated Consumer Data Right (CDR)-ready, third-party software capabilities. Created by Adatree – a multi-award-winning Australian fintech and data intermediary and recipient platform, co-founded by former Tyro Payments and Volt Bank employees Jill Berry and Shane Doolan – the Adatree Exchange expands possibilities of accelerating use cases.
What is market offering of Adatree Exchange?
The Open Data marketplace provides clients with a one-stop shop to supercharge CDR data. Before the Exchange, businesses would engage a CDR intermediary to procure the raw data and then go out to market to find additional services to help digest that data or functions to apply to their unique business needs. They now would have to integrate with them and make sure the business meets the CDR outsourced service provider security requirements too.
Businesses can leverage Adatree Exchange to find a variety of CDR-ready third-party services to access capabilities like data categorisation, customer verification, data enrichment, credit application automation, de-identification, product comparison, and account verification. Many businesses are still unsure of what they could do with CDR data, and they faced the challenge of finding service providers that are accredited and competent in working with CDR data.
About 80-90% of conversations Adatree had with businesses wanting to receive Consumer Data Right data was about what they could do with the data. The Adatree Exchange aims to help businesses see the possibilities available to accredited data recipients.
What were the executive’s thoughts on the product?
Alex Scriven, Chief Operating Officer at Adatree, says: “We are thrilled to launch Adatree Exchange with world-class tech providers. The Exchange is set to be a gamechanger for any firm wanting to access CDR data. With the industry rapidly changing, the more we can do to increase use cases of Open Data, the better it will be for consumers in the long-term.”
“When Adatree launched at the infancy of the Consumer Data Right in Australia, it was created as a data recipient platform for firms to access CDR data. As the industry reaches maturity, clients are wanting more capabilities around what they can do with this data. We wanted to give customers everything they need to use CDR data to its full potential.”
“We’re excited about the future of the Adatree Exchange – the possibilities are endless as Open Data advances further in Australia. We have already begun to curate, vet and integrate with organisations across all different sectors as part of our Exchange, and we look forward to working with more experts as they join the world’s first Open Banking marketplace.”
Who are the inaugural Exchange partners?
The Adatree Exchange started organically, with Adatree’s customers and prospects wanting to access Consumer Data Right data initially, then asking for different use cases, augmentation and transformation to be built out. While Adatree will continue to build out its own capabilities to transform data, the Exchange will accelerate the ability for Adatree’s clients to access a wide-breadth of capabilities from many different best-of-breed companies.
Adatree is launching with 10 participants on the platform including energy comparison platform Accurassi, data analytics provider Personetics, digital comparison platform CIMET, product recommendation engine Stryd, auditing firm AssuranceLab, instant finance app Piico, AWS-specialist cloud infrastructure company DNX, Aussie-based cybersecurity firm Astero, turnkey cloud infrastructure Citadel, and credit risk and data science consultancy Kadre.
All participants are audited outsourced service providers (OSPs), whereby Adatree conducts stringent compliance checks to ensure data will be managed to the highest CDR standards.
