Adatree Exchange, the world’s first open data marketplace, has been launched, streamlining how organizations discover and purchase consumer data rights (CDR) ready regulated third-party software features.
Created by Adatree – a multi-award winning Australian fintech and leading data intermediary and receiver platform, co-founded by former Tyro Payments and Volt Bank employees Jill Berry and Shane Doolan – the Adatree Exchange expands possibilities for accelerating use cases and transforming CDR Data.
The groundbreaking Open Data Marketplace offers customers a one-stop-shop to energize CDR data. Before the exchange, companies would hire a CDR intermediary to source the raw data, then go to market to find additional services to help digest that data or functions to apply to their unique business needs. Then they will have to integrate with them and ensure that the company also meets the technical and security requirements of the outsourced CDR service provider.
Now businesses can leverage Adatree Exchange to find a variety of CDR-ready third-party services to access features such as data categorization, customer verification, data enrichment, automation credit applications, anonymization, product comparison and account verification.
Many companies still do not know what they could do with CDR data and have faced the challenge of finding service providers who are accredited and competent to work with CDR data. About 80-90% of the conversations Adatree had with companies wanting to receive CDR data were about what they could do with the data. The Adatree Exchange aims to help companies see the possibilities for accredited data recipients.
Alex Scriven, COO of Adatree, said, “We are excited to launch Adatree Exchange with world-class technology providers. The exchange is set to be a game-changer for any organization wishing to access CDR data. With the industry rapidly changing, the more we can do to increase open data use cases, the better it will be for consumers in the long run.
“When Adatree was launched at the start of consumer data rights in Australia, it was created as a data recipient platform for organizations to access CDR data. As the industry matures, customers want more options and capabilities for what they can do with that data. We wanted to give customers everything they need to use CDR data to its full potential.
“We are extremely excited about the future of the Adatree Exchange – the possibilities are endless as Open Data advances in Australia. We have already started organizing, monitoring and onboarding organizations from all industries as part of our Exchange, and we look forward to working with more experts as they join the world’s leading Open Banking Marketplace.
The Adatree Exchange started organically, with Adatree customers and prospects first wanting access to data, then requesting different use cases, augmentation, and transformation to be built. As Adatree will continue to develop its own data transformation capabilities, the Exchange will accelerate Adatree’s customers’ ability to access a wide range of capabilities from many leading companies.
Adatree launches with 10 participants on the platform, including energy comparison platform Accurassi, global data analytics provider Personetics, end-to-end digital comparison platform CIMET, product recommendation Stryd, auditing firm AssuranceLab, instant funding app for lenders and brokers Piico, DNX, cloud infrastructure company specializing in AWS, Astero, cybersecurity leader, turnkey cloud infrastructure hand Citadel and credit risk and data science consultancy Kadre.
All Exchange participants are audited outsourced service providers (OSPs), through which Adatree performs rigorous compliance checks to ensure data will be handled to the highest CDR standards.