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Adatree adopts CDR for account verification

Adatree, a leader in Australian Open Data solutions, is excited to announce the launch of its groundbreaking Insights product suite.

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This new offering, which includes Account Verification and Balance Checks, is set to arm companies in the fight against financial fraud and scams in Australia.

Utilising the Consumer Data Right (CDR) framework, Adatree’s Insights product provides a secure, real-time method for verifying account ownership and balances, critical for insurance payouts and superannuation withdrawals.

Regulated Tool to Prevent Unauthorised or Mistaken Transfers
In 2023, Australians suffered losses exceeding $2.7 billion due to financial scams, many of which targeted superannuation funds and insurers. Adatree's Insights products aim to curb these losses by equipping businesses with tools to verify bank account ownership before transferring funds or updating account details. This mitigates fraud risks and enhances operational efficiency by reducing the reliance on manual verification processes.

"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. While these practices are common overseas, this is an Australian first."

Insights Adoption Across Public & Private Section, Aligns to Global Trends
The Insights products provide coverage for individual, joint, and business accounts with direct connectivity to 99.7% of the household banking market in Australia. This aligns with international best practices, where European companies including Tink, Truelayer, and SurePay utilise Open Banking to verify bank account ownership and provide vital financial insights.

An Australian state government entity has become the first customer adopter of Adatree's Insights product. This partnership highlights the essential role Adatree's solutions play across both public and private sectors, providing effective tools to combat fraud and streamline operations.

Significant, Immediate Benefits for Businesses and Consumers
Any business can use this product, and they don’t have to have any CDR accreditation or licensing. With a regulated consent process, Adatree's Insights product enhances security by preventing fraudulent transactions and improving operational efficiency. With access to account name, BSB, account number, and many other data points, Insights is configurable to a business's needs.

While previously account details were manually verified by bank statements or not at all, this will streamline verification processes and reduce administrative burdens. Insights is compliant with stringent CDR regulations, safeguarding data security and privacy. This compliance builds consumer trust, offering transparency and reliability in financial transactions.

Consumers also benefit greatly from this innovative product. It provides a robust layer of protection against fraud or even mistaken account details. Furthermore, the secure sharing of data, strictly for authorised purposes, enhances consumer privacy. This streamlined verification process also improves overall customer experience, making financial transactions faster and more reliable.

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