Rabobank moves forward with the privatisation of Datakeeper

According to Rabobank, the Netherlands is facing a need for a standardised approach to the digital exchange of personal data to enhance security and reduce associated risks. To address this concern, Rabobank introduced an ID wallet solution known as Datakeeper in 2017. The bank is now transitioning Datakeeper into an independent entity, allowing other organisations and institutions to utilise and contribute to its development. 

ID wallets, exemplified by Datakeeper, enable consumers to securely store their personal information in a decentralised repository and share it with third parties conveniently. This technology offers diverse applications, including age verification, financial data requests, or simple sharing of address details. ID wallets can also access data directly from commonly used databases, such as basic register data (BRP) or employment history from the UWV.

Data exchange standardisation 

Representatives from Datakeeper emphasised the importance of standardising data exchange and talked about the way consumers, companies, and public organisations frequently exchange data, from everyday transactions like renting a car to significant life events like buying a house. They clarified that most of this exchange occurs digitally, yet a standardised process is lacking. ID wallets provide a solution to improve security, streamline data sharing for consumers, and minimise the verification burden on organisations. 

They also stressed the importance of wider adoption of ID wallets, noting that a critical mass of users is necessary for their meaningful impact. Officials from Rabobank echoed this sentiment and expressed their hope that the privatisation of Datakeeper will encourage collaboration among various organizations. 

Datakeeper was initially established as an internal initiative within Rabobank in 2017, with the primary goal of enabling customers to manage their identity data. Over time, it evolved into the development of the ID wallet, which has found applications beyond Rabobank, including rental companies for identity verification and housing associations and mortgage providers for accessing customers' financial information.

What else has Rabobank been up to?

In order developments from Rabobank, the financial services company has renewed its partnership with payment verification solution provider SurePay to improve fraud prevention.On one hand, the cooperation is looking to increase data coverage so that IBANs from more EU countries can be checked, and on the other hand, it is looking to introduce the Fraud Risk Indicator. 

According to the official press release, the Fraud Risk Indicator provides banks with additional risk indicators, helping facilitate the detection of fraudulent activity by criminals. What is more, the system helps reduce the number of false fraud reports, or ‘false positives’.