The Australia and New Zealand Banking Group (ANZ) has inked a deal with Australian startup Data Republic, which sees it not only gain access to the data hub, but also makes it a partner.
Qantas, Westpac and NAB are already investors in the data exchange and in October last year NSW Government selected Data Republic to launch a data sharing platform.
Founded in 2014 by CEO Paul McCarney and director Danny Gilligan, Data Republic acts as a ‘data sharing control centre’ for organisations to store, categorise and share data.
By inking a deal with with Data Republic, ANZ says it will be able to speed up innovation through secure data-sharing environments.
It will use the platform to share data with “trusted third parties in a secure and well-governed environment.”
McCarney says he's pleased to welcome ANZ as both a strategic investor and technology client.
“This partnership is about ANZ investing in the right technology to future-proof their data collaboration capabilities and will ultimately position ANZ to overcome many of the challenges and potential risks associated with open data, data sharing and the Federal Government’s recently announced Open Banking reforms.”
Open banking is about creating better consumer choice by giving people more control over their own financial data. Open Banking is the first implementation of the Consumer Data Right (CDR) – which will be implemented economy-wide on a sector-by-sector basis, initially in the banking, energy, and telecommunications sectors.
The final Open Banking report makes 50 recommendations, on the regulatory framework, the type of banking data in scope, privacy and security safeguards for banking customers, the data transfer mechanism and implementation issues.
ANZ chief data officer Emma Gray says: “This partnership allows us to get more out of the data we already have, but in a safe and secure environment that provides the highest levels of governance.
“Through the cloud-based platform we will now be able to access trusted experts and other partners to develop useful insights for our customers in hours rather than months.”
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