The world’s first open data marketplace has come into fruition with 10 participating platforms so far.
Created by the Australian fintech and data intermediary and recipient platform Adatree, the Adatree Exchange will shift how organisations are able to procure regulated consumer data right (CDR)-ready, third-party software capabilities.
Co-founded by Jill Berry and Shane Doolan, former Tyro Payments and Volt Bank employees, the Exchange expands the use cases of CDR data.
Introduced by the Australian government back in 2018, CDR provides individuals with control over which businesses have access to their data. The framework requires access to consumer data to be approved by the consumer themself and has been hailed by the financial industry for its ability to refine which services are offered to the consumer.
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.
Following this, they would have to integrate with them and make sure the business meets the CDR outsourced service provider’s technical and security requirements too.
Now, businesses can leverage the 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.
Around 90 per cent of the conversations Adatree had with businesses wanting to receive CDR data was about what they could do with the data. The Exchange aims to help businesses see the possibilities available to accredited data recipients.
The Exchange started organically, with Adatree’s clients and prospects wanting to access data initially, then asking for different use cases, augmentation and transformation to be built out.
Speaking on the origin of the Exchange, the company’s COO, Alex Scriven, comments “When Adatree launched at the infancy of the CDR in Australia, it was created as a data recipient platform for organisations to access CDR data.”
However, with the natural evolution of the industry, Scriven describes customers “wanting more options and capabilities around what they can do with this data,” adding that the more the company can do to increase open data use cases, the better the long-term result for the consumer.
Scriven confirms that the company has already begun to curate, vet and integrate with organisations across various sectors as part of its Exchange.
While Adatree will continue to build out its own capabilities, the Exchange will accelerate the ability of the company’s clients to access new capabilities from many different companies.
The Exchange is launching with 10 participants on the platform including energy comparison platform Accurassi, data analytics provider Personetics, end-to-end digital comparison platform CIMET and the product recommendation engine Stryd; among others.