Adatree introduces CDR Insights

The product, which features Account Verification and Balance Checks, leverages the Consumer Data Right (CDR) framework to provide a secure, real-time method for verifying account ownership and balances. This capability is particularly valuable for transactions such as insurance payouts and superannuation withdrawals, where accuracy and security are paramount.

Reducing financial scams and improving efficiency

In 2023, financial scams resulted in over USD 2.7 billion in losses for Australians, with a significant portion of these losses targeting superannuation funds and insurers. Adatree’s Insights product aims to address these challenges by enabling businesses to verify bank account ownership before transferring funds, thereby reducing the risk of fraud and minimising the need for manual verification processes.

A state government entity is set to be the first adopter of this new product, underscoring its broad applicability across both public and private sectors. CDR Insights is capable of covering individual, joint, and business accounts, with direct access to 99.7% of the household banking market in Australia, which includes 114 banking and 22 energy sources. This product aligns with global best practices, similar to services offered in Europe by companies like Tink, Truelayer, and SurePay.

For businesses, CDR Insights offers better security by preventing fraudulent transactions and streamlining the verification process, leading to reduced paperwork and operational costs. Consumers also benefit from increased protection against fraud and a more efficient transaction experience. The product is fully compliant with CDR regulations, ensuring secure and private data handling.Adatree continues to prioritise secure and transparent data sharing. The launch of CDR Insights reinforces the company’s commitment to maintaining high standards of security and privacy, making it a trusted partner for businesses seeking to leverage Open Data for better decision-making and operational efficiency.