Specifically, Adatree is an accredited data recipient operating within the Consumer Data Right (CDR) framework. This strategic move aims to improve Fat Zebra's payment services by incorporating Adatree's capabilities in data solutions. According to the official press release, the collaboration is anticipated to facilitate the provision of Open Data and payment services, expanding the range of offerings for customers. Fat Zebra, specialising in processing payments for thousands of SME and enterprise Australian merchants, aims to solidify its presence in the payments industry.
The acquisition aligns with Fat Zebra's strategic vision to venture into Open Banking, integrating Consumer Data Right-powered services alongside its payment solutions. This transition is expected to provide businesses with a forward-thinking solution, offering comprehensive insights into payments and customer interactions.
Adatree was founded in 2019 and is accredited as a Data Recipient by the ACCC. The fintech company enables access to regulated and consented data sharing, supporting various use cases, including loan assessment reporting, energy and banking comparison, and personal financial management.
In the official press release, representatives from Adatree expressed enthusiasm about the acquisition, emphasising the opportunity to accelerate the advancement of Open Banking and data-driven solutions. The collaboration positions Fat Zebra and Adatree to collectively navigate the evolving financial landscape, capitalising on their respective strengths to create innovative solutions.
The acquisition includes the integration of all Adatree team members into Fat Zebra. The transaction was completed in December 2023, but specific financial details of the acquisition remain undisclosed. The joint efforts of Fat Zebra and Adatree are poised to play a significant role in the evolving smart payment and action initiation space, aligning with the ongoing developments in Open Banking and the Consumer Data Right regulatory framework.
In October 2022, Adatree 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.
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