Adatree creates de-identifying data framework in Australia

Wednesday 19 October 2022 11:24 CET | News

Adatree has created a framework in Australia to de-identify data in the regulated Consumer Data Right, enabling benefits for data recipients and consumers.

De-identifying data refers to removing all identifiers to an individual – such as their name and address to their client number or tax file number – so they are no longer identifiable. Under Consumer Data Right (CDR) legislation, individuals give consent to accredited data recipients to use and store their data for a set period of time. At the end of the consent lifecycle, consumers have two options: to have their data deleted or de-identified.

However, up until now, no organisation has been successful in creating a de-identification framework for CDR data nor is there any provider in Australia offering this service due to its complex nature. Other data recipients have had to delete all consumer data and any associated reporting or insights, even if they’re only for internal use.

Adatrees’s framework

According to the official press release, Adatree spent the past 12 months developing and testing methods for data de-identification on small data sets. As part of the fintech’s objective to ensure de-identified data cannot be re-identified, Adatree then engaged Australia’s data privacy researchers CSIRO – via its CSIRO Kick-Start initiative which provides startups with funding support and access to their research expertise and capabilities – to seek advice and better understand what methods could be used to further mitigate risks. CSIRO provided visibility to Adatree on potential gaps in the data based on best practice of the complex issue.

Adatree creates a framework to de-identify data in the regulated Consumer Data Right, enabling benefits for data recipients and consumers.

Following CSIRO’s research and recommendations, Adatree independently chose a method of de-identification that they believe will deliver higher assurance compliance. Adatree undertook research and testing to verify the data could not be re-identified via the reverse process.

With data de-identification offered to Adatree’s clients, there is now an alternative to the mandated deleting of CDR data. Organisations can benefit from ongoing access to key sources of de-identified customer information that could assist with business modelling and trend reporting. For consumers, the choice to continue sharing their de-identified data offers the potential for new and improved solutions and services.

Other Adatree news

In July 2022, Adatree has rolled out an Open Data marketplace called Adatree Exchange, looking to improve how companies discover and procure regulated CDR-ready, third-party software capabilities.

The Open Data marketplace provides customers with a one-stop shop to supercharge CDR data. Before the Exchange, businesses would engage a CDR intermediary to procure the raw data and then go out to market to find additional services. They would have to integrate with the new services provider and make sure they met the CDR outsourced technical and security requirements.

In January 2022, Adatree has become a gateway for companies wishing to access secure data in Australia. The first business in Australia that was a CDR representative is Sherlok – an automated repricing and refinancing tool. Powered by AI technology, Sherlok helps brokers retain clients by monitoring clients’ interest rates against other lenders, identifying those at risk of leaving a broker, then refinancing their loans to a lower interest rate on behalf of the broker to improve customer retention.

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Keywords: fintech, startup, data, regulation, research
Categories: Banking & Fintech
Companies: Adatree
Countries: Australia
This article is part of category

Banking & Fintech


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