Adatree unveils Australia’s first CDR-powered account verification, to tackle fraud and streamline operations

A new era in fraud prevention and efficiency

We’re excited to share some big news! Adatree, your go-to for Open Data solutions, has just launched a groundbreaking new product: the Insights suite. Featuring Account Verification and Balance Checks, this product is set to make a significant impact in Australia, especially in the fight against financial fraud and scams.

Powered by the Consumer Data Right (CDR) framework, Adatree’s Insights product offers a secure, real-time method for verifying account ownership and balances, which is crucial for transactions like insurance payouts and superannuation withdrawals.

Say goodbye to unauthorised or mistaken transfers

Did you know that in 2023, Australians lost over $400 million to financial scams? Many of these targeted superannuation funds and insurers. Our new Insights product is here to help reduce those losses by giving businesses the tools they need to verify bank account ownership before transferring funds. This not only cuts down on fraud risks but also makes operations smoother by minimizing the need for manual checks.

“Adatree’s Insights product represents a new era in fraud prevention and operational efficiency,” said Jill Berry, CEO of Adatree. “Leveraging Open Banking and Open Energy, we’re empowering businesses to protect their customers against mistaken payments or financial scams.”

Tailored solutions for everyone

We’re also thrilled to announce that a state government entity will be the first to adopt our Insights product, with the official announcement coming soon. This partnership showcases the broad appeal of our solutions, benefiting both public and private sectors by making financial processes safer and more efficient.

Global reach and best practices

Our Insights product is pretty versatile—it covers individual, joint, and business accounts with direct access to 99.7% of the household banking market in Australia. That’s 114 banking sources and 22 energy sources! Plus, we’re in good company; similar services are already making waves in Europe with companies like Tink, Truelayer, and SurePay using Open Banking for bank account verification and financial insights.

Benefits for Businesses and Consumers Alike

For businesses, Adatree’s Insights product is a game-changer. It boosts security by preventing fraudulent transactions and streamlining verification processes, which means less paperwork and lower costs. And since it complies with CDR regulations, you can trust that your data is secure and private. This level of compliance also helps build consumer trust, making financial transactions more transparent and reliable.

Consumers, you’re covered too! Our product offers a strong layer of protection against fraud, ensuring that your funds are only transferred to verified accounts. Plus, with secure data sharing strictly for authorised purposes, your privacy is in good hands. The streamlined verification process also makes transactions quicker and more reliable, improving your overall experience.

Compliance at our core

Adatree has been a leader in the CDR initiative since 2019, advocating for secure and transparent data sharing. Our new Insights product, fully compliant with CDR regulations, highlights our commitment to maintaining the highest standards of security and privacy. This dedication has made Adatree a trusted partner for businesses looking to leverage Open Data for better decision-making and operational efficiency.

With the launch of our Insights product, Adatree is excited to be at the forefront of combating financial fraud in Australia. By providing comprehensive solutions for businesses and consumers alike, we’re helping to create a safer and more efficient financial ecosystem.

Ready to level up with open data?

Adatree’s Insights is more than just an access model; it’s a revolution in how businesses can harness the power of CDR data. By removing barriers to entry and providing a secure, efficient, and versatile solution, Insights is set to transform industries and drive innovation.

Explore the possibilities with Adatree Insights and unlock the full potential of CDR data for your business today!

Check out our Insights Use Case Report to better understand how you can leverage Insights for your business.

Speak to our team today for a demo and to learn how you can grow your business with Adatree Insights.