Adatree signs Australia’s largest bank and fintech partnership to bring 20 banks into Open Banking
Written by Jill Berry, CEO, Adatree
A consortium of 20 Australian banks and credit unions is poised to enter into the Consumer Data Right Regime after signing the largest partnership of its kind with Open Banking intermediary Adatree.
Adatree has been engaged to ensure the consortium, which includes BankVic, Police Credit Union, Hume Bank and Bank of US and provides services across Australia including into regional areas, shares data in a consistent and compliant way aligned with the CDR requirements.
Adatree CEO Jill Berry says the mutuals will prepare to share data using the Adatree Industry Sandbox, which is the developer testing environment for the Data Recipient Platform.
“This next maturation of the Consumer Data Right Regime is vital as it takes data sharing beyond the major banks to those banks and mutuals that service Australian communities and regional areas and begins to open the doors to increased competition and innovation,” Ms Berry says.
“There are significant challenges and technological hurdles in becoming accredited and Adatree is proud to partner with this consortium to ensure they are able to share consumer data in a compliant and consistent way.”
QBANK, a member-owned financial institution for Queensland Police and Emergency Services, Head of Technology & Transformation Trevor McNamara says the bank is committed to making investments in the right technology to compete in the Open Banking regime.
“The knowledge and platform provided by Adatree will assist the Bank in ensuring the full functionality of Open Banking is available to our members while maintaining a high degree of security and privacy controls to protect our member’s personal information,” Mr McNamara says.
Bank Vic Chief Information Officer Scott Wall says “the Consumer Data Rights Open Banking legislation is a major benefit to Australian consumers”.
“But the technical challenges of delivering a secure and well tested Open Banking service are significant,” Mr Wall says.
“As CDR is a new initiative there are few suppliers in the market and developing our own testing sandbox would have been expensive and time-consuming, introducing considerable risk to our project,” Mr Wall says.
“Adatree’s white-label Data Recipient solution proved to be a great platform to support our Data Holder testing as it provides a Register and full ADR capabilities to perform real-world testing.”
Police Credit Union Executive Manager Technology and Data Ben Stephenson say it is committed to delivering a secure and complete solution.
“We are pleased to be partnering with Adatree to assist in our software testing to ensure we deliver all the functionality of Open Banking to our customers, whilst maintaining privacy and security at all times,” Mr Stephenson says.
“Having already achieved Accredited Data Recipient status, Adatree’s knowledge and experience will be invaluable to our continued Open Banking journey.”
The full consortium includes BankVic, Bank of Us, The Mac Credit Union, QBank, Police Credit Union, Community First Credit Union, Transport Mutual Credit Union, LCU (Laboratories Credit Union), Hume Bank, Family First Credit Union, CMCU (Central Murray Credit Union), South West Credit Union, Geelong Bank, CWCU (Central West Credit Union), Unity Bank Orange Credit Union, and WAW Credit Union.
Adatree is removing barriers to entry for the data-sharing ecosystem through its single API solution to overcoming the high technical standards required for Open Banking accreditation.
Australia’s leading Consumer Data Right platform, Adatree was founded by former Tyro and Volt Bank executives, Jill Berry and Shane Doolan, to provide a solution to overcome the incredibly high technical standards for being part of the Consumer Data Right ecosystem. Adatree offers a turnkey solution for any ADR to be able to access the CDR through one simple API and is committed to helping aspiring ADRs with their application through the ADR Accelerator product.