Issue 35: Adatree acquired by Fat Zebra, PayOK exists the CDR, more CDR Reps and Software Products
Fat Zebra bolsters CDR capabilties with acquisition of Aussie open data platform Adatree
Australian payments processor Fat Zebra has acquired Adatree, an Accredited Data Recipient to combine open payments with open data. The acquisition aims to enhance payment services and provide businesses with greater insight into their payments and customers. The move is in anticipation of the Consumer Data Right's Action Initiation, which will enable businesses to modify data and offer services like payment initiation and account openings.
Adatree has also entered into an arrangement with NAB to provide a testing software product for the bank’s Data Holder program.
Fat Zebra announcement: Fat Zebra steps into Open Banking with Adatree acquisition
Article link: Fat Zebra bolsters CDR capabilties with acquisition of Aussie open data platform Adatree
PayOK surrenders its accreditation
PayOK, a provider of bank account verification tools, has surrendered its accreditation to the Consumer Data Right. As a result, the PayOK Software Product “Bank Account Verification” has also been removed.
PayOK’s target customers were mainly businesses, and with most Data Holders making non-individuals effectively a paper-based system, it’s not surprising that few businesses took up the offering.
It’s always sad to see another provider disappear, especially when they were active.
Australian Fintech Craggle Unveils AI-Powered Tool for Home Loan Refinancing
Craggle, has launched an AI-powered tool to simplify the refinancing process for home loans. The tool leverages Open Banking technology to automate form filling and streamline communication with banks. In less than six months, Craggle has facilitated over $354 million in loans and saved Australians an estimated $1.8 million in interest. The company aims to help customers save time and money by negotiating better rates and removing friction from the refinancing process.
Article link: Australian Fintech Craggle Unveils AI-Powered Tool for Home Loan Refinancing
Article link: Australia’s Craggle releases AI tool for refinancing home loans
CDR is a means to an end, not the end itself
Tiimely blog by Jodi Ross.
The Consumer Data Right (CDR) was introduced to increase transparency and empower consumers in the financial sector. However, the slow uptake of CDR-enabled use cases can be attributed to friction in the consent process, data quality issues, and complex overregulation. To increase competition and innovation, the focus should be on leveraging the CDR to provide tailored services and a broader range of products. The government needs to reduce barriers and ensure privacy protections apply equitably. Refocusing the CDR on its central competition objective will enable consumers to benefit from sharing their data.
Article link: CDR is a means to an end, not the end itself
The big 5 developments for Australia's Consumer Data Right in 2023
Scott Farrell and Max Allan of King & Wood Mallesons elaborate on some of the biggest developments of Australia’s Consumer Data Right in 2023.
This article highlights the top five developments of Australia's Consumer Data Right (CDR) in 2023. The developments include embracing action initiation, empowering Open Finance, enabling broader participation, improving consent frameworks, and examining screen scraping. These developments aim to expand the application and usability of the CDR, improve financial outcomes, and encourage innovation in the fintech sector.
Article link: The big 5 developments for Australia's Consumer Data Right in 2023
From Open Banking to Open Everything
This article explores the evolution of data sharing from Open Banking to Open Finance and beyond. Open Finance expands the scope of data sharing to include investments, insurance, and other financial products, aiming to create a more interconnected financial ecosystem. The next step in this evolution is Open Data, which extends the principles of openness and transparency to a wider range of information beyond the financial sector. Examples from Australia and Brazil demonstrate the transformative potential of open data sharing. The trajectory towards Open Everything signifies a paradigm shift in the financial sector.
Article link: From Open Banking to Open Everything
New Software Products
Adatree Pty Ltd
DRSP000250 - NAB Production Verification Testing for Data Holder
Active
Yodlee, Inc
DRSP000249 - GLOW PAYMENTS PTY LTD
Active
Adatree Pty Ltd
DRSP000251 - Loan Serviceability Solution (LSS)
Active
Basiq Pty Ltd
DRSP00253 - AUSTRALIAN MILITARY BANK LTD
Active
CDR Representative Arrangements
Adatree Pty Ltd
UNIVERSITY OF NEW SOUTH WALES
Start date: 13/02/2024
Notes: SunSpot is an app that assists people in managing solar panels and batteries.
Web page: Solar calculator helps all Australians forecast cost savings of panels and batteries
Fishkil Pty Ltd
N0DE PTY LTD
Start date: 29/1/2024
Notes: Software developer looking at net zero energy usage.
Web page: https://www.n0de.co/
Yodlee, Inc.
DOMINO'S PIZZA ENTERPRISES LIMITED
Start date: 06/02/2024
Notes: Fastfood, possibly as a part of the Domino’s app?
Web page: https://www.dominos.com.au/landing-pages/app
Yodlee, Inc.
ZIPMONEY PAYMENTS PTY LTD
Start date: 01/02/2024
Notes: Buy Now Pay Later (BNPL) provider.
Web page: https://zip.co/au