Adatree, a technology company specialising in Consumer Data Right compliance, announced today that they have released the first aggregation of banking product information using the new Open Banking Application Programming Interfaces (APIs).
In July this year, the Consumer Data Right regime commenced with ANZ, the Commonwealth Bank and Westpac releasing their product information APIs. These APIs allow developers to obtain banking product data for retail and business accounts so that product information can be easily compared and updated.
Adatree’s offering is the first to aggregate all available banking product information APIs into one single API so that product information can be centrally accessed. This removes the need to connect to each bank individually. The API can be accessed through the Adatree Developer Portal, free of charge. As other banks and credit unions release their product information APIs, these will also be included in the Adatree product aggregation API.
“The Consumer Data Right will enable disruption and innovation that Australians need and deserve,” says Shane Doolan, Adatree CTO. “Providing an aggregation of product APIs shows our commitment and contribution to the Open Banking ecosystem, and will kickstart open, secure and reliable access to data. This aims to make product information access more convenient and inspire new data uses within other fintechs or banks.”
The product aggregation API will enable comparison of data across banks for product features, product pricing and customer eligibility. Product information APIs do not contain any personal data and is the first phase of Open Banking.
The Consumer Data Right, often referred to as Open Banking, gives consumers control over with whom they share their personal, account and transactional data. Consumers will know why receiving organisations want the data, what they will do with it and be able to revoke consent to receive it at any time.
This starts in February 2020 with the Westpac, ANZ, Commonwealth Bank, NAB and the first cohort of 10 data recipients selected by the ACCC. It will extend to other banks and industries within the following months and years.
Adatree creates solutions for organisations to comply with and leverage the Consumer Data Right. The solutions encompass all technical, business and customer legislative requirements, for both data holders and data recipients. Adatree takes care of compliance and helps companies leverage the data.
Learn more or book in a demonstration of Adatree’s offerings at adatree.com.au.
Jill Berry, CEO