Adatree launches open data marketplace

As stated by Adatree, the platform – Adatree Exchange – enables businesses the ability to discover third-party services as a means to access data categorisation, customer and account verification, data enrichment and credit application automation and product comparison. 

“Before [Adatree 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,” the fintech said in a statement. 

“Following this, they would have to integrate with them and make sure the business meets the CDR outsourced service provider technical and security requirements too.”

At the time of writing, there are 10 businesses aligned with the Adatree Exchange platform, including Piico, an instant finance app geared towards lenders and brokers. 

Adatree has confirmed that all Adatree Exchange participants will be audited by outsourced service providers. 

Adatree chief operating officer Alex Scriven said that he believes this platform will be a “gamechanger for any organisation 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,” Mr Scriven said. 

According to Adatree, the impetus for the Adatree Exchange was one that started “organically”, with the fintech’s clients and prospects “wanting to access data initially, then asking for different use cases, augmentation and transformation to be built out”. 

Mr Scriven added that the decision to launch Adatree Exchange was based on allowing CDR to reach its full potential. 

“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. As the industry reaches maturity, customers are wanting more options and capabilities around what they can do with this data,” Mr Scriven said. 

“We wanted to give customers everything they need to use CDR data to its full potential.

“We’re extremely excited about the future of the Adatree Exchange – the possibilities are endless as open data advances further in Australia.” 

Earlier this year, Adatree was named as the first principal under the new consumer data right (CDR) access model, a move that allowed it to help other companies access open banking data.

This amended model allows unrestricted data recipients, such as Adatree, to act as principal to other companies wanting access to open banking data.

[Related: Adatree becomes 1st open banking principal]